{"id":99056,"date":"2024-03-01T18:00:00","date_gmt":"2024-03-01T18:00:00","guid":{"rendered":"https:\/\/routenote.com\/blog\/?p=99056"},"modified":"2024-03-01T17:48:36","modified_gmt":"2024-03-01T17:48:36","slug":"uk-music-enters-a-new-revolution-with-record-revenue","status":"publish","type":"post","link":"https:\/\/routenote.com\/blog\/uk-music-enters-a-new-revolution-with-record-revenue\/","title":{"rendered":"UK music enters a new revolution with record revenue"},"content":{"rendered":"\n

Image credit: Lee Campbell<\/a><\/em><\/p>\n\n\n\n

The UK music industry has surpassed its peak from the days of the CDs for a new era powered by music streaming.<\/span><\/h2>\n\n\n\n

Whilst music streaming is powering more music consumption around the world than ever before, it’s taken a while to catch up with the revenues made in the peak CD era. Now, the UK music industry has finally caught up. <\/p>\n\n\n\n

The Entertainment Retailers Association (ERA) reached a record high of \u00a32,223 million in the 12 months before February 23rd. This represents an all-time high for the UK industry, surpassing the previous peak over 20 years ago in 2001; \u00a32,221 million.<\/p>\n\n\n\n

The digital music industry has played a huge part in this incredible growth. Music streaming services alone accounted for 86% of the UK’s music revenue in 2023. Physical formats are still strong, especially vinyl which has seen a revival in the streaming age. Physical sales totalled \u00a3311.2 million in the last 12 months.<\/p>\n\n\n\n

ERA chief, Kim Bayley wrote: “This is a day many thought would never come. It is a red letter day for music and the artists and songwriters who soundtrack our lives. There’s still a long way to go, but these numbers show that thanks to the innovation and investment of streaming services, music is on the right track.”<\/p>\n\n\n\n

Whilst this is great news, it’s not quite<\/em> as simple as that. Adjusting for inflation, the UK music retail revenue still has a way to go. 2001’s figures would now be closer to \u00a34,000 million when adjusted for inflation in the last 23 years. <\/p>\n\n\n\n

But Bayley reaffirms the positive transformation since the existential crisis posed by music piracy in the early 2000s. She adds: “No one should underestimate the seriousness of the plight the music industry faced in the decade following 2001. It was an existential crisis.”<\/p>\n\n\n\n

She continues: “Luckily a new generation of music loving tech entrepreneurs were able to see a way to a new model, based on subscriptions rather than sales. Today draws a line under 2001 and highlights the face that music sales have more than doubled since 2013. That’s great, but after 20 years of inflation, it’s still not enough.”<\/p>\n","protected":false},"excerpt":{"rendered":"

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