The BPI, the association of independent and major record labels, today reports that UK recorded music revenue1 rose by 12.8% in 2021 to reach £1.262 billion.
This marked the sector’s seventh consecutive year of revenue growth, led by streaming. However, when adjusted for inflation, revenue in 2021 was £368 million below the 2006 CPI-adjusted figure of £1.63 billion, while using RPI the 2006 figure would have been £1.795 billion – £534 million higher than the 2021 total.
Revenue from streaming again fuelled much of the rise, up 13.7% to £837.2 million, with physical formats on CD and vinyl growing at a faster rate, also contributing – up by 14.6% to £241 million. See Notes for more details. These figures coincided with an increase in the number of indie record shops, recently reported by the Entertainment Retailers Association (ERA), which grew went from 390 in 2020 to 407 in 2021.