PricewaterhouseCoopers' "Entertainment and Media Outlook for 2010-2014" projects global spending on recorded music of $27.9 billion by 2014.

This would be 19% below the 2005 level, the PricewaterhouseCoopers report states. It said the total spend last year was $26.4 billion.

The report predicts that U.S. music sales will turn around in 2013, thanks to new online services generating subscription and advertising revenue.

Global music sales will inch up beginning 2011, with strong growth in the Asia Pacific region and Latin America helping to offset continued decline in territories such as North America.

Digital sales will overtake physical purchases in 2011 in the U.S., the report said.

It also stated that anti-piracy measures by governments will help "stabilize" the industry.

The signs for digital growth in the U.S. were not encouraging in recent months. But for the week ending June 6, year-to-date track sales were larger than the corresponding period last year - the first time that has happened since the week ending March 14. Year-to-date track downloads up to June 6 totaled 510.6 million - up 0.2% from the 509.6 million units for the corresponding period of last year, according to Nielsen SoundScan.

Digital purchases are projected to rise to $17 billion in 2014, from $8.1 billion in 2009, according to "Entertainment and Media Outlook for 2010-2014." Physical sales will fall to $10.9 billion in 2014, a decline of 66% from 2005, according to the report.