Trade Income for UK Record Companies Rises by 5.1 per cent to £926m in 2016April 17, 2017
UK record company trade income – the combined revenues generated through streaming, sales of music across physical and download formats, performance rights, and ‘sync’ music licenced for use in film & TV, games and advertising – rose by just over five per cent (5.1%) in 2016, reports labels’ association the BPI. Trade income of £926 million represents the largest annual total in five years.
The £44.6 million trade income rise on 2015 was driven largely by the dynamic growth in streaming revenues – a 61 per cent increase which more than offset the decline in income from physical formats and downloads. It also meant that streaming accounted for 30 per cent of overall label revenues in 2016 (compared to physical at 32 per cent). Such a rate of growth will undoubtedly see the format overtake physical to become the leading contributor to label revenues in 2017.