UK music revenues rise to highest level in two decades through streaming
Revenues from UK music grew for the eleventh successive year in 2023, with profits rising to the highest level in two decades. According to new figures released by ERA, the digital entertainment and retail association, the value of UK music rose seven per cent to an all-time new record of £11.9billion. The ERA say the “main driver of growth” in 2023 came via streaming and digital services, which increased their revenue by more than £800million in one year. Streaming now accounts for 91.7 per cent of the total revenue for UK music nationally. Advertisement As well as streaming, sales of vinyl increased by 18 per cent, and CD sales also saw a two per cent increase in sales – the first value increase in the medium in almost twenty years. It means music revenues were at their highest since 2002 and are now just 0.8 per cent below the music industry’s greatest revenue year of 2001. Spotify. Credit: Mateusz Slodkowski/Getty ERA Chairman Ben Drury said of the statistics: “The entertainment business is defying gravity, delivering eleven straight years of growth regardless of wider economic conditions. “Due credit should go to the amazing creative talent behind the movies, music and games… Read More →
