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(Credit: Ryan Arnst)

Music

UK music expands in 2021 to be worth £1.26billion

@notmyyaztattoo

According to new research and data from the BPI (British Phonographic Industry), the music industry in the UK has grown by almost 13 per cent in the past year, marking the seventh consecutive year of growth in the sector.

Specifically, the physical mediums have taken off a great deal, with revenue from CD, vinyl and other physical formats growing by a huge 14.6 per cent to £241million. This likely has to do with the increase in the number of independent record shops, which rose from 390 to 407.

Vinyl sales were responsible for a large portion of the music industry’s growth this year, as vinyl revenue was up 34 per cent, lifting it to £117.2m. However, another physical medium that might surprise you is CDs, which have also spiked in revenue in the past year, even if just by 1.7 per cent. 

In a statement regarding these figures, Geoff Taylor, chief executive of the BPI, BRIT Awards & Mercury Prize, said: “The UK music market’s return to growth has been driven by streaming – especially streaming subscriptions, which grew by 13% last year and made up 88% of streaming revenues and 58% of total revenues”.

He continues, “It is important to remember that even today we still have yet to fully recover from years of decline and that, in real terms, we remain a much smaller industry than 15 years ago. We urge the music community to join together to continue growing the market, for example by helping British music secure the largest possible share of streaming growth abroad. That will be an effective way to maximise the success of British music creators and the ecosystem that supports them.”

Although the exact medium breakdown is yet to be predicted, it seems that physical media isn’t going away, and that CDs have ceased their sharp decline, at least for the time being.

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