Thursday, 31 May 2012

Digital accounts for for 55% of UK record industry revenues

"Downloads and streaming accounted for 55.5 per cent of overall UK record industry revenues in the first quarter of 2012, according to BPI.
The lobby group said the growing digital market had offset the decline in sales of physical formats, leading to an 2.7 per cent increase in overall revenues compared to the same period in 2011, to £155.8m.
BPI called the switch a “significant milestone”, after years of dire predictions about the impact the internet could have on the record industry because of the “unbundling” of albums into single track downloads, unlawful filesharing and other technology-driven factors.
Total digital revenues grew 24 per cent compared to a year earlier, to £86.5m. Physical revenues fell 15.1 per cent to £69.3m.
Strikingly, revenues from the premium subscription tiers of streaming services such as Spotify and We7 almost doubled year-on-year to £9m. The sector has benefited from increased smartphone ownership as mobile music apps are the main draw for subscription streaming."

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