Music lovers spent a record £2.4bn on streaming subscriptions and physical music last year as the UK music industry finally recovers from the digital revolution that ushered in rampant online piracy. Sales increasing for 17 consecutive years, fuelled a 7.4% rise in music revenues to £2.38bn last year, according to the Entertainment Retailers Association (ERA).
The music industry has taken decades to adapt and recover from the advent of the digital era, with billions wiped off the value of the UK industry. Revenues reached above the previous all-time high of £2.2bn in 2001. «Music is back – thanks to streaming and the vinyl revival», said Kim Bayley, the chief executive of the ERA. «For decades it was new release activity which drove most revenues. Digital services and retailers have become the drivers of the market».Spending on physical formats – CDs, vinyl and other formats such as cassettes – increased by 6.2% to £330m. Vinyl album sales outpaced the market at 10.5% to £196m, while CD album revenues remained flat at £126m. However, the figures are not adjusted for inflation, meaning total UK spending on music is still likely to be below the level recorded in 2001. The ERA said that total album sales hit 201.4m – a figure that includes physical sales and a conversion of streams into equivalent albums –The previous annual record for album sales was 172m set in 2004; however, this was based purely on physical sales. That report showed that CD sales declined by only 300,000 to 10.5m units and with a few hundred thousand sales of other formats, such as cassettes, total sales of physical recorded music showed an increase for While spend on streaming accounts for about 85% of total UK music revenue, and 88% of the albums bought, the ERA does not expect the future to become digital-only. «We continue to believe that digital and physical channels are complementary and vital for the health of the entertainment market overall», Bayley sai
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