Apr 13, 2017
Streaming set to overtake physical music sales in UK
Streaming is set to overtake CD and vinyl as the biggest generator of income for British record labels this year, after the growing consumer preference for listening on services such as Spotify and Apple Music pushed revenues to a five-year high for the industry in 2016. Total income generated by the UK music industry rose 5 per cent to £925m in 2016, from £881m, as the money flowing in from streaming services surged 60 per cent, according to figures released by the BPI, the British music industry trade body. Streaming accounted for 30 per cent of overall income and is set to surpass that generated by CDs and vinyl records this year. Subscriptions to Spotify, Apple and other sources such as Deezer accounted for 87 per cent of the £273m overall streaming revenues, as ad-funded income evaporated. The money generated by downloads, once dominated by Apple's iTunes, fell 27 per cent to £151m, as streaming continued to erode that segment of the digital market.
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