UK music revenues rise to highest degree in twenty years by means of streaming
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Revenues from UK music grew for the eleventh successive 12 months in 2023, with income rising to the best degree in twenty years.
In line with new figures launched by ERA, the digital leisure and retail affiliation, the worth of UK music rose seven per cent to an all-time new report of £11.9billion.
The ERA say the “predominant driver of development” in 2023 got here by way of streaming and digital providers, which elevated their income by greater than £800million in a single 12 months. Streaming now accounts for 91.7 per cent of the entire income for UK music nationally.
In addition to streaming, gross sales of vinyl elevated by 18 per cent, and CD gross sales additionally noticed a two per cent enhance in gross sales – the primary worth enhance within the medium in virtually twenty years.
It means music revenues have been at their highest since 2002 and are actually simply 0.8 per cent under the music business’s biggest income 12 months of 2001.
Spotify. Credit score: Mateusz Slodkowski/Getty
ERA Chairman Ben Drury stated of the statistics: “The leisure enterprise is defying gravity, delivering eleven straight years of development no matter wider financial situations.
“Due credit score ought to go to the wonderful artistic expertise behind the films, music and video games all of us love, however we must also recognise the large contribution of the digital providers and retailers who’ve reinvented the leisure expertise for customers over the previous 15 years,” he continued.
“The overwhelming majority of the cash raised by digital providers and retailers goes direct to the content material house owners, and their success is immediately benefitting creators.”
ERA CEO Kim Bayley added: “With revenues only a fraction away from music’s all-time-high, it is a crimson letter day for the music business and is a testomony not simply to the creativity of artists, however to the entrepreneurial drive of digital providers and retailers.
“A world with out streaming now appears unthinkable. In the meantime the tenacity of bodily retailers has pushed not simply the vinyl revival, however a shock enhance within the worth of CD gross sales. Given all we’ve been by means of, it actually doesn’t get significantly better than this.”
READ MORE: 2023 was “worst 12 months for venue closures” whereas “nobody in music business appears to care”, say MVT
The information comes as Spotify continues to come back beneath fireplace from for its mannequin of paying artists.
The corporate just lately introduced a streaming threshold of 1,000 performs earlier than songs are in a position to generate royalties. In line with Spotify knowledge, there are round 100million songs on the service, but solely round 37.5million meet the brand new necessities to generate income.
In November, the corporate introduced that it might not present its providers in Uruguay because of the nation’s copyright legal guidelines that will require “equitable remuneration” for artists.
It additionally comes as grassroots music venues throughout the UK battle to outlive, with organisations just like the Music Venue Belief calling for pressing assist from the music business to reinvest in the way forward for music at a time when income are at an all time excessive.
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