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Record Streaming Revenue and Vinyl’s Appeal Help Drive UK Music Sales Back to 2001 Levels
UK music sales jumped nearly 10% to £2.2 billion last year, thanks largely to strong growth in subscription streaming revenues, reports ERA.
Streaming now makes up more than 88% of all music sales in the U.K., compared to 64% five years ago, with physical formats accounting for 9.4% of today’s market, according to labels trade body BPI, which released its year-end listening figures last week. In a statement, ERA CEO Kim Bayley said the year-end figures represented a “red letter day” for the U.K. music industry with the rise in revenues “a testament not just to the creativity of artists, but to the entrepreneurial drive of digital services and retailers.” Although both ERA and BPI use Official Charts Company sales data as the basis for their reporting, the two organizations take different approaches to measuring the health of the recorded music business.
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