Stormzy at the Brit Awards
British record labels grew at the fastest rate since the Britpop era last year, according to new figures released by the British Phonographic Industry (BPI).
UK record company trade income rose by 10.6% in 2017 to stand at £839.4m, boosted by the continued success of artists such as Ed Sheeran and Stormzy.
This represents the fastest rate of growth since the height of Britpop in 1995, when revenues increased by 10.7%, boosted by bands such as Oasis, Blur and Pulp.
Streaming was one of the fastest growing revenue streams for the industry, with revenues growing by 41%. The format now makes up nearly half (46%) of industry turnover.
Subscription was the streaming channel that added the most to the overall increase, rising by 45% to £346.9m.
Growth in ad-supported audio and video streaming was smaller, though between them they contributed £42m to industry turnover.
Geoff Taylor, chief executive BPI & BRIT Awards, said: “The changes labels have made to their business models and their investment in new talent have borne fruit with rapid revenue growth in 2017.
“We are likely to see a continuing rise in 2018, with increasing awareness among consumers about the benefits of music streaming, and new developments that are likely to encourage the uptake of subscriptions, such as the launch of YouTube’s premium music service and the growing popularity of smart speakers in the home.”
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