UK recorded music industry increases by 12.8%
With an increase to £1.26 billion since the drop in 2020
Data collected by the association of independent and major record labels has revealed that the UK recorded music industry has increased by 12.8% following a drop in sales in 2020.
The British Phonographic Industry (BPI) has reported sales have risen to £1.26 billion seeing the music sector's seventh consecutive year of revenue growth.
Streaming services have boosted 13.7% to £837.2m with CDs and vinyl also increasing in popularity.
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CDs have contributed to £117.2 million of revenue which is a 1.4% rise and the first increase since 2017.
Vinyl is continuing to make sales with a 34% increase since last year.
The overall physical sales are at 14.6% as record stores are returning to our streets.
According to CITY A.M Geoff Taylor, Chief Executive BPI, BRIT Awards & Mercury Prize, said: “After a tough few years we are also pleased to see growth across the sector, including in physical formats, sync, performance rights and beyond. This growth yields important benefits for the broader music community, including greater remuneration to a wider base of artists and additional investment by labels in new talent.”
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“It is important to remember that even today we still have yet to fully recover from years of decline and that, in real terms, we remain a much smaller industry than 15 years ago. We urge the music community to join together to continue growing the market, for example by helping British music secure the largest possible share of streaming growth abroad. That will be an effective way to maximise the success of British music creators and the ecosystem that supports them.”
Becky Buckle is Mixmag's Digital Intern, follow her on Twitter