BPI reports that UK recorded music revenues will grow for the eighth consecutive year in 2022, fueled by growth in streaming, continued demand for records and heavy label investment in artists.
BPI, which represents independent labels and major record companies across the UK, reports revenues from music recorded in the UK have increased by 4.7% year-on-year to reach £1.32 billion in 2022. increase.
This figure includes income from the same period and performances and was up 36% from £968.6m reported in 2017, representing the eighth consecutive year of growth. It is several million pounds below the total reported in 2006 — the first year to include sync and public performance.
Growth in 2022 was again fueled by streaming revenues rising 6.3% year-on-year to reach £885m. This now accounts for his 67.2% of industry revenue, up from 66.2% in 2021. The growth rate of streaming and investment in record label A&R and marketing will allow more artists to succeed through music.
Overall revenues from music consumption in physical format fell 10.5% to £215.7m, revenues from vinyl album purchases increased £119.5m, up 3.1%, compared with CD revenues of 23.7 It offset £89.5m of % reductions. Vinyl now makes up 55% of his revenue from physical format music. In 2022, records will generate more transactional revenue than his CDs for the first time since 1987.
“2022 has been another great year for British music thanks to the hard work and creativity of British artists and labels, but we must be careful not to become complacent in the face of increasing challenges and promote the value of music. and continue to protect them,” says Sophie Jones. She is BPI Chief Strategy Officer and Interim CEO.
“That’s why labels continue to innovate and invest in new talent and disciplines, connecting more artists with their fans while generating additional revenue. The UK environment has always allowed recorded music to thrive. It was — something we must defend — but now we need the music community to come together and create the impetus for further growth in an increasingly competitive global music market.”
Streaming revenue increased 6.3% (£885m), largely driven by paid subscriptions to services such as Amazon, Apple, Spotify and YouTube, up 4.8% to £762.8m. rice field. While worth less than a tenth of the value of a subscription, streaming revenue from advertising will grow by more than a fifth in 2022 (22.3%) to £62.5m. As consumption accelerates the shift to streaming, revenue from digital downloads continued to decline, down 17.5% (still lower than the 23.2% decline in 2021). Downloaded tracks and albums still generated £27.6m.