U.K. RECORDED MUSIC REVENUE RISES 4.7% OVER 2021

U.K. recorded-music revenue rose 4.7% in 2022, reaching £1.32b, according to figures from the BPI. Streaming revenue rose 6.3%.

Streaming revenue in the U.K. reached £885m last year, accounting for 67.2% of industry totals—up from 66.2% in 2021. Paid subscriptions rose 4.8% to £762.8m, while ad-funded streaming income grew by 22.3% to £62.5m.

The £1.32b figure represents an eighth consecutive year of growth. When adjusted for inflation, however, it falls hundreds of millions of pounds below the total reported in 2006—the first year to include sync and public performance.

“The U.K. environment has always enabled recorded music to thrive, but now we need the music community to unite and create the impetus for further growth so that we can build on an already strong foundation to future-proof the success of British music in an increasingly competitive global music market,” said Sophie Jones, BPI chief strategy officer and interim CEO, warning against “any complacency in the face of growing challenges.”

Vinyl rose 3.1% to £119.5m. LPs now account for 55% of physical revenue and have overtaken CDs for the first time since 1987. Revenue from all physical formats, however, dipped 10.5% to £215.7m, with CD sales dropping 23.7% to £89.5m. Digital downloads fell 17.5% to £27.6m.

Sync revenue rose 39% to £42.7m. Income from the public performance of music, which was impacted by the COVID-19 hiatus, also showed growth, up 23% in 2022 to £143.3m.