UK music sales up 10% for 2023 Streaming Vinyl Taylor Swift – Billboard

LONDON — Revenue from paid streaming grew to a record £1.86 billion ($2.4 billion) in the UK last year, helping to boost overall music spending by 9.6%, according to year-end figures from Digital Entertainment and Retail Association (ERA).

In 2023, British music fans spent a total of £2.2 billion ($2.8 billion) on music purchases through subscriptions to music streaming services such as Spotify and Apple Music, as well as vinyl and CD purchases. That’s more or less equal to the total for 2001, the all-time high of the CD era, when UK music sales totaled just over £2.2 billion, the ERA reported. Compared to 2019, the last full year before the pandemic, music sales are up nearly 39% in four years.

Growth was driven by a 9.8% year-on-year rise in subscription streaming revenue, while spending on physical formats rose 10.9% to £311 million ($395 million), the London-based outfit said in its preliminary annual data published on Tuesday (January 9).

Allocating revenue from physical music, vinyl album sales rose 18% to £177m with Taylor Swift’s 1989 (Taylor Version)The Rolling Stones’ Hack diamonds and Lana Del Rey Did you know there is a tunnel under Ocean Blvd. among the best-selling titles of the year.

Despite CD sales falling 7% year-on-year in volume to 10.8 million units, revenue from the long-defunct format actually rose 2% in 2023 to £126 million ($160 million), marking the first increase in CD revenue after two decades.

ERA says the growth can be attributed to the continued popularity of the format among dedicated music fans who want to buy their favorite artists in multiple and deluxe formats, as well as an increase in the number of Gen Z and Millennials buying CDs.

This life by British pop group Take That was the top CD album of 2023 in the UK with sales of just over 127,000. of Swift 1989 (Taylor Version) was the second most popular CD release of the year.

Streaming now accounts for more than 88% of all UK music sales, up from 64% five years ago, with physical formats accounting for 9.4% of today’s market, according to label trade body BPI, which publishes its listening figures at the end of the year last week.

The BPI reports that more than 179 billion music tracks were streamed in the UK in 2023, up 12.8% on the previous year, with the equivalent of 182.8 million albums streamed or purchased in 2023 in digital and physical formats, up 10% over the previous year 12 months.

In a statement, the executive director of ERA Kim Bailey said the year-end figures represented a “red-letter day” for the UK music industry, with the rise in revenue “a testament not only to the creativity of artists but also to the entrepreneurial drive of digital services and retailers”.

Although both the ERA and BPI use Official Charts Company sales figures as the basis for their reporting, the two organizations take different approaches to measuring the health of the recorded music business. The ERA figures are based on UK retail spending, while the BPI measures music consumption levels. (ERA subscription streaming numbers are estimates based on information provided by digital services and label trading revenue reported to BPI). The BPI and ERA are due to publish their full annual reports later in the year.

Overall, UK entertainment market revenue – which includes retail sales of music, video and games – is up 7% on the total for 2022 to a record £11.9 billion ($15.1 billion), marking the eleventh another year of growth. Streaming and digital services account for nearly 92% of entertainment revenue, ERA reports.

Of the three sectors, sales of recorded music came third, behind games and video (comprising video-on-demand subscription services such as Netflix and DVD sales), which totaled £4.7 billion ($6 billion) and £4 .9 billion (respectively 6.2 billion dollars).

The UK is the world’s third-largest recorded music market after the US and Japan, with sales of just under $1.7 billion in commercial value, according to IFPI’s 2023 Global Music Report.

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