LONDON (CelebrityAccess) — A surge in music streaming subscriptions and the popularity of vinyl records helped to drive recorded music revenues in the UK to an all-time high of more than £2.223bn, according to British music trade group the Entertainment Retailers Association (ERA).
According to the ERA, the new high for the British label industry came at the end of the chart week ended Friday 23 February, based on data from virtually every significant streaming service and music retailer in the UK.
According to the data, the industry has now surpassed its previous peak in October 2001, when the Number One single on the Official UK Charts was Kylie Minogue’s ‘Can’t Get You Out Of My Head’ and the Number One album was Gold – The Greatest Hits by STEPS.
“This is a day many thought would never come,” said ERA CEO Kim Bayley. “It is a red letter day for music and the artists and songwriters who soundtrack our lives. There’s still a long way to go, but these numbers show that thanks to the innovation and investment of streaming services, music is on the right track.”
The findings were part of the ERA’s forthcoming statistical review of the entertainment industry, which reveals that combined music, video and games sales grew by 7% to £11.9bn in 2023.
The full ERA report will be released on March 6th.
