Streaming and physical media music sales the best since the days of Blur, Oasis and Pulp

posted on Wednesday, 11th April 2018 by Steve May

Hi-fi  Streaming  Vinyl 

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According to new figures released by the BPI, the UK has seen its fastest growth in record label income since the heady days of Britpop. The British Phonographic Industry says label income was up by 10.6 per cent in 2017, driven largely by a rise in subscriptions to streaming services. Physical media sales also remain encouraging.

The BPI puts the boom down to the success of home grown artists, such as Ed Sheeran, Little Mix, Stormyzy and Rag ‘n’ Bone Man, whose debut album Human has sold more than one million copies.

The organisation’s report All About The Music 2018 is good news for sellers of Hi-Fi and home entertainment systems. Smart speakers and new music services are expected to drive sales going forward.

Revenues reached £839m in 2017, aided by a 45 per cent leap in subscriptions. The BPI says this represents the fastest rate of growth since 1995, although to put this in perspective the total income remains nearly one third lower than the peak year of 2001, when it topped £1.2 billion.

BPI Sales Chart

Revenues from streaming grew by 41 per cent, with the format now responsible for nearly half (46 per cent) of industry turnover. Its contribution to the pie is £346.9 million.

The BPI says increased income from sales of physical formats was less than expected, however there has been continued growth in vinyl LP income (up 24 per cent), which is now a fifth of the size of the CD market.

“The changes labels have made to their business models and their investment in new talent have borne fruit with rapid revenue growth in 2017,” says Geoff Taylor, BPI Chief Executive BPI. “We are likely to see a continuing rise in 2018, with increasing awareness among consumers about the benefits of music streaming, and new developments that are likely to encourage the uptake of subscriptions, such as the launch of YouTube’s premium music service and the growing popularity of smart speakers in the home.”

Steve May

Inside CI Editor Steve May is a freelance technology specialist who also writes for T3TechRadarHome Cinema Choice, Trusted Reviews and The Luxe Review.

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