London, England. Photo Credit: Benjamin Davies
According to a new preliminary report, the UK’s music industry saw a three-fold increase in sales between 2022-2023, thanks to streaming and increased vinyl use. This figure was close to PS1.99 Billion.
These and other data points were discovered in an analysis by London’s Digital Entertainment and Retail Association, (ERA) which claims to be “the trade association representing digital services and retail stores offering music and video.”
The organization counts on its board members executives from Spotify, Amazon Music and SoundCloud. In 2022, UK’s total home entertainment market value grew by 6.9% to reach PS11.08 billion.
The figure included music sales, which amounted to PS1.99 trillion. This is the largest total since 2003, and an approximately three percent year-over-year increase, according to initial reports. In line with the long-standing trend, streaming accounted for the largest share of UK’s music industry total sales.
According to an estimation by the ERA, British Phonographic Industry and other sources, more than PS1.66 million was generated from streaming in 2022 for the UK music sector. This is up about five percent over 2021.
In line with other well-documented trends the UK saw its physical music sales decline by 3.8 per cent YoY to PS280.4 Million, compared to a 17.5 Percent YoY dropoff in downloads (PS45.4million total), as reported in the ERA Report.
It consists of PS150.5 millions attributable vinyl (up 11%) and PS124million from CDs (17.4 percent). The ERA reported that 2022 marked the first time since 1987 that vinyl was outselling CDs in value in the UK.
The entity will not confirm exact full-year numbers (or disclose additional data) until its March final report. However, high-ranking officials have confirmed that Harry Styles’ perennial bestseller had already released the most-listened to album (in the millions).Harry’s HouseTrack (“As It Was”) and a song (both dated the same year) in the UK’s music industry.
Spotify Wrapped had previously identified similar consumption benchmarks, besides noting that Taylor Swift had the highest number of UK streamings during 2022.
Vinyl’s steady stateside growth has been unaffected for years. According to reports, sales of the vinyl format during week ended December 22nd reached an all-time high that was not achieved since 1991.
In addition, vinyl appears to be doing well in Germany and 2022 saw positive developments, including a financing round for elasticStage record producer and the opening of a new pressing facility in the UK. These could help alleviate some of the well-documented problems with the format’s production.