U.K. REVENUE JUMPS DOUBLE DIGITS IN '21

Recorded music revenue in the U.K. rose 12.8% to £1.26b ($1.65b) in 2021, according to figures from the BPI. Streaming revenue, which was 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, when the total started including performance and sync figures.

While the revenue increase is a 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. “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 revenue. Revenue from streaming subscriptions alone grew 13% to £734.5m, while ad-funded streaming income grew 15.7% to £49.1m.

Earnings from video-streaming platforms rose 22.6% to £53.7m. Digital downloads dipped 23.3% to £33.4m.

Vinyl revenue rose an impressive 34% to £115.9m. CD sales contributed £117.2m, up 1.4% year-over-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. Performance rights increased 10.8% to £117m.