British record labels are enjoying the fastest growth since Britpop in the mid-1990s. Industry association figures from the BPI’s All About The Music 2018 show how revenues have risen a huge 10.6% since 2017.
The statistics account for streaming, downloads, physical sales and licensing for use in films, TV and video games. Revenue from vinyl sales has equally risen by 24%, making the vinyl market a fifth of the size of the CD market.
Growth can be put down to the success stories of UK artists such as Dua Lipa, Stormzy and Ed Sheeran. Sheeran’s second album X, enjoyed sales of 3.38 million and stands as the thirteenth best selling studio album of all time.
Chief executive of the BPI, Geoff Taylor stated that the launch of YouTube’s premium music service and growing popularity of smart speakers in the home have also been contributing factors.