The BPI, the association of independent and major record labels, today reports that UK recorded music revenue rose by 3.8% in 2020 to reach £1.118 billion.
This is the highest total since 2006 and the fifth consecutive year of growth, although the rate of revenue growth slowed in 2020 (compared with the 7.3% rise in 2019), due to the effects of the pandemic.
Revenues from streaming fuelled much of the rise, growing 15.4% to £736.5 million, even as the pandemic slowed overall growth. Physical revenues decreased only marginally by 2.6% to £210.3 million – helped by the response of independent shops and specialist chains and their loyal customers to the lockdowns. Climbing revenues from vinyl, boosted by online campaigns and purchasing, increased by nearly a third (30.5%) to £86.5 million – the highest total since 1989. This helped to cushion reduced CD sales income, which, though still resilient, fell by 18.5%.