According to research in the BPI’s latest yearbook, All About the Music 2019, UK recorded music revenues are up by 20 percent, which has been boosted by surging subscription streaming.
The report reveals that record label income has been boosted by the continuing growth of subscriptions to streaming services like Spotify, Apple and Deezer.
Subscriptions rose by over a third (34.9 percent) in 2018 and by over 220 percent in the past three years, which accounted for 54 percent of record label income in 2018.
Overall, subscriptions contributed to the 32.8 percent rise in income from streaming, which the report states would have been greater had video streaming platforms like YouTube generated more than £29.7m for an estimated 30 billion-plus plays of music videos in the UK.
Despite its growth, vinyl remains a niche concern but still accounts for 6.6 percent of income, and although CD sales were down, the format still contributes a fifth (20.4 percent) of income.
The BPI’s report also attributes some of the increase to the growth in sync, as overall income generated by physical formats dropped by 22.5 percent.
It also suggests British artists have a part to play with the film biopic Bohemian Rhapsody driving a renewed interest in Queen’s back catalogue and the success of British artists like George Ezra, Dua Lipa, Paloma Faith, The 1975, Stormzy and Calvin Harris adding to the boost.
Geoff Taylor, chief executive, BPI & BRIT Awards, says: ‘The recorded music industry in the UK is showing consistent growth, driven by investment in new talent, innovative global marketing, and offering music fans outstanding choice, convenience and value.
‘The outlook for the future remains positive, but there is still a long way to go to recapture lost ground. Long-term growth depends on robust Government action to tackle the Value Gap, promote investment, ensure online platforms take responsible action to reduce infringement, and secure the future talent pipeline by giving state school pupils the opportunity to discover and develop their talent.’
All About the Music 2019 is published on 25 March, and is free to members but can also be purchased here