New figures from the British Phonographic Industry (BPI) reveal that UK music consumption rose again in 2016.
This is the music industry’s second consecutive year of significant growth saw a 1.5% increase in Album sales. However with CD sales continuing to decline, along with track downloads, the contribution to the increase in music consumption is in fact music streaming and vinyl sales.
Last year saw its first ever one billion stream week in December with a total of 44.9 billion audio streams taking place throughout 2016. These new figures show that streaming now accounts for 36.4% of all UK music consumption.
Sites such as Deezer, Spotify and Apple music represents a jump of 500% in comparison to 2013 figures.
Sales of LPs topped the 3 million mark, the highest sales figure since 1991, as discussed in our last blog post.
2016 saw the deaths of a number of iconic musicians including David Bowie, Prince and George Michael, increasing vinyl sales on more than 30 titles selling over 10,000 copies each on LP.
David Bowie in particular made a huge impact on these sales. His last album, ‘Blackstar’, was the year’s biggest-selling vinyl album; he also had four other albums in the Top 30 vinyl albums of the year.
The total volume of music consumed in 2016 had an estimated retail value worth approximately 1 billion pounds.
Also last year, audio streams recorded a 68 percent rise on 2015, totalling 45 billion, not including video streaming.
Geoff Taylor, chief executive, BPI and BRIT Awards, said: ‘Growth in UK music consumption in 2016 was fuelled by the explosive rise in audio streaming, which has increased 500 percent since 2013, and relative resilience from physical formats.
‘We believe this performance is indicative of the promise of a new era for music, where recorded music’s investments in a digital future fuel compelling benefits for fans, artists and the entire music ecosystem.’
Vinyl LPs now account for nearly 5 percent of the albums market.