Published
Sat, Mar 27, 2021, 00:05
- The format was up 30.5 percent over the previous year, according to a new report from the British Phonographic Industry.
UK recorded music revenues grew 3.8 percent in 2020, according to a new report from BPI.
Vinyl and streaming were the strongest areas of growth, indicating British music listeners turned to music during lockdown. Vinyl revenues were up 30.5 percent to £86.5 million, the highest since 1989. Meanwhile, 150,000 cassettes were purchased in 2020, the highest total since 2003. The numbers went against decreasing overall physical revenues, which were down 2.6 percent to £210.3 million. While purchases of physical formats moved online due to the pandemic, several initiatives, like LoveRecordStores, Record Store Day and HMV Vinyl Week catalyzed support for independent shops and specialist chains.
"Vinyl's exceptional performance despite retail lockdowns confirms its role as a long-term complement to music streaming," said Geoff Taylor, BPI's Chief Executive. "2021 is likely to be the year in which revenues from LPs overtake those from CDs for the first time in well over three decades—since 1987."
Streaming revenues drove a 3.8 percent overall rise in UK recorded music revenue, which reached £1.118 billion, the highest level since 2006. Streaming grew 15.4 percent to £736.5 million, joining vinyl as an area of growth that more than offset the impact of the pandemic on the UK recorded music industry.
Check out the full report.