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RECORDED MUSIC REVENUES UP 13%
3/15/22

Recorded music revenues in the U.K. rose 12.8% to hit £1.26b ($1.65b) in 2021, according to figures from the BPI. Streaming revenues, which were up 13.7% to £837.2m, powered the growth.

Last year was the sector’s seventh consecutive year of revenue growth and its highest total since 2006, which is when the total started including performance and sync figures.

While the revenue rise is a positive sign of recovery, the BPI notes that when adjusted for inflation, 2021’s total is £368m below the 2006 Consumer Price Index-adjusted figure of £1.63b.

BPI Chief Exec Geoff Taylor welcomed the stats but said more work needs to be done to grow the market. “It’s 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 maximize the success of British music creators and the ecosystem that supports them.”

Streaming revenue of more than $1b (£837.2m) accounted for 66% of total revenues. Revenue from streaming subscriptions alone grew 13% to £734.5m while ad-funded streaming income grew 15.7% to £49.1m.

Money earned from video streaming platforms rose 22.6% to £53.7m while digital downloads dipped 23.3% to £33.4m.

Vinyl revenue rose an impressive 34% to £115.9m. CD sales contributed £117.2m in revenue, which is up 1.4% year-on-year and the first increase since 2017.

Income from sync was up 47.6% to £30.8m, thanks to the beginning of a recovery from the dip experienced in 2020 due to the pandemic, while performance rights rose 10.8% to £117m.