Digital sales fuel UK music industry revenues growth

BPI-logo-NEW-banner-2Digital music sales accounted for more than half of all music industry trade revenues in 2013, new figures have revealed.

Research from BPI showed that an 11.9 percent rise in digital contributed to an overall 1.9 percent increase in total music industry revenues during 2013.

Total revenues reached £730.4m – up from £716.8m seen during 2012.

Elsewhere, streaming services were viewed as the fastest growing sales area over the year, with sales increasing by 41 percent. Album downloads were up 19.5 percent year-on-year to reach £160.5m in value.

Geoff Taylor, chief executive at BPI, said: ‘The UK’s record labels have re-imagined their businesses for a world of instant mobile, global access to music, driven by social media. Rapid growth from digital albums and music streaming services such as Spotify powered a rebound in revenues in 2013.

He added: ‘With digital increasingly becoming its key source of revenue, Britain’s music industry is fit and ready to seize the global opportunities it offers.’

Further figures showed that the vinyl LP revival continues with the format seeing revenue growth of 49 per cent year-on-year to reach £12.1m. The sum represented 2.4 per cent of total album income in 2013.