UK recorded music industry grows 12.8% – News
Data collected by the association of independent and major record labels revealed that the UK recorded music industry grew by 12.8% after sales fell in 2020.
The British Phonographic Industry (BPI) announced that its sales had reached £1.26 billion, marking the music sector’s seventh consecutive year of revenue growth.
Streaming services rose 13.7% to £837.2m, with CDs and vinyl also gaining popularity.
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CDs contributed £117.2m to revenue, an increase of 1.4% and the first increase since 2017.
Vinyl continues to make sales with an increase of 34% since last year.
Overall physical sales are up 14.6% as record stores return to our streets.
According to AM CITY Geoff Taylor, Managing Director of BPI, BRIT Awards & Mercury Prize, said: “After a difficult few years, we are also delighted to see growth across the industry, including physical formats, synchronization, digital rights execution and beyond. This growth is generating significant benefits for the wider music community, including better compensation for a broader artist base and additional label investment in new talent.
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“It is important to remember that even today we have not fully recovered from years of decline and in real terms we remain a much smaller industry than 15 years ago. We urge the music community to come together to continue to grow the market, for example by helping UK music get as much of the growth in overseas streaming as possible. It will be an effective way to maximize the success of UK music creators and the ecosystem that supports them.
Becky Buckle is Mixmag’s digital intern, follow her on Twitter