The International Federation of the Phonographic Industry (IFPI) has recently released a report which reveals that the total global revenue from the digital space, including music downloads as well as music streaming subscriptions, has exceeded the revenue generated from compact discs, reports Wall Street Journal.

While the digital space as usurped the compact disc as the favorite format for the first time ever, the fight was, however, very closely contested. Digital revenue surged ahead with $6.85 billion in sales, while the sales of physical format somewhat dropped back at $6.82 billion.

According to Tech Radar, this can be attributed to the immediacy offered by the digital space, while one needs to take time out to visit the stores to get their favorite music.

Keeping in view the fact that the digital music industry got its start approximately in the last 15 years, it is certainly remarkable that such a large number of people now opting for it. On the other hand, it is also impressive that the CD, which has been around for more than 30 years now, continues to sell like hotcakes. In fact, it is difficult to decide which of these two is more impressive.

The IFPI report further reveals some interesting trends. Most remarkably, that although digital music revenue overcame physical revenue in 2014 in the global market, looking at the individual regions, one will find that the balance of digital versus physical revenue reels in different ways subject to where one is looking.

Japan's revenue situation, for instance, put physical on top in 2014 with 78 percent of total sales, while Germany and South Africa and Poland followed suit with 70 percent, 62 percent and 71 percent respectively.

While many may think that this may perhaps be the final nail in the coffin for physical media, the scenario is entirely different. According to the IFPI, although CD sales dropped during the last year, on the other hand, vinyl record sales had a champagne year. The old-school format, which is still cherished for its warm, full-bodied sound delivery, accounted for just 2 percent of global physical revenue, but that is up 54 percent from 2013.

All said and done, music download and streaming options are only getting easier to find and Tidal, Spotify and Deezer are gaining in popularity. Hence, it will be interesting to watch if the tide turns further in favor of digital over physical in 2015.