The U.K. recorded music market earned £1.108 billion ($1.376 billion at the current exchange rate) in 2016, with streaming up 65.1% from 2015 as the download and physical markets continuing to decline. That total revenue stat is said to be up 4.6% YoY, according to the Entertainment Retailer's Association (ERA).
Last year the BPI issued the figures, and said the retail value of the U.K. recorded music market was £1.06bn in 2015, up 3.5% from 2014’s £1.02bn. The numbers don't include income derived from ad-supported streams, which are harder to quantify.
Music was the fastest-growing sector in Blighty’s entertainment market (also covering video, games) last year.
Physical is still the biggest earner at £475.4m, but down 7.3% on 2015’s £512.8m. Taking second place is streaming with an impressive £418.5m—up 65.1% on 2015’s £253.5m. Downloads saw the biggest decline of 26.8%, down to £214.6m from £293.4m.
After a relatively resilient 2015 when sales declined just 3.7%, CD revenues fell by 13% in 2016. The biggest-selling album of the year was compilation Now That’s What I Call Music 95, with sales of 908.5k.
Said ERA CEO Kim Bayley of the good news: “The music, video and games industries were understandably nervous about the advent of new digital services, but these figures provide resounding evidence of the benefits of our members’ investment in innovation."
ERA's numbers come hot on the heels of the BPI's report that stated the U.K. recorded music market’s consumption in 2016, driven by a 68% rise in streaming, increased 1.5%.
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