RECORDED MUSIC REVENUE UP 8.1%

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RECORDED MUSIC REVENUE UP 8.1%

3/14/24

U.K. recorded music revenue increased 8.1% in 2023 to £1.43b as a record number of artists benefited from the streaming market, the BPI reported.

U.K. recorded music revenue increased 8.1% in 2023 to £1.43b in 2023 as a record number of artists benefited from the streaming market, the BPI reported.

In a ninth consecutive year of growth, 2,245 artists had more than 10m audio streams of their music in the U.K., a 17% spike over two years earlier.

Streaming outperformed the overall market, up 8.4% to £962.1m, representing 67.4% of recorded music revenue. Paid subscriptions to services such as Amazon, Apple, Deezer, Spotify and YouTube were up 8.1% and constituted nearly 86% of the music streaming revenue.

“Flowers” by Miley Cyrus was the most-streamed track of 2023 with 198.1m audio and video streams in the U.K., followed by “Sprinter” by Dave & Central Cee (160.6m streams) and “Escapism” by Raye f/070 Shake (142m streams).

Revenue from physical formats also grew, 12.8% in 2023, to £243.4m, led by a double-digit percentage rise in vinyl LP sales. Vinyl revenue was up 18.6% year-over-year to £141.6m and made up 58.2% of all physical music revenue. CDs posted a 5.4% increase to £97.2m.

New releases were the main driving force last year behind the rise in vinyl revenue with seven of 2023’s10 biggest sellers having been released in the calendar year. They 1989 (Taylor’s Version) by Taylor Swift, Hackney Diamonds by The Rolling Stones and Did You Know There’s A Tunnel Under Ocean Blvd by Lana Del Rey.

Public performance income, which is generated by the broadcast and public performance of recorded music, increased by 7.3% year-on-year, with £154.5m collected on behalf of record labels in 2023. Sync income was £39.5m.

“It would be all too easy to take this growth for granted, but at a time when British music faces unprecedented competition from around the world and challenges at home, it’s vital the right conditions remain in place here to give British music every opportunity to thrive,” BPI Chief Executive Officer Dr. Jo Twist, OBE, said.