BPI released its 2018 yearbook, with data and statistics about the previous year’s performance for the UK music industry. Total revenue across all music sources grew 10.6% to £839 million. Streaming drove the growth, increasing 41.1% to £388.8 million in revenue. That result marks the first time the streaming revenue in the UK has exceeded physical format revenue. Physical format music revenue totaled £310.4 million in 2017.
“We are likely to see a continuing rise in 2018, with increasing awareness among consumers about the benefits of music streaming, and new developments that are likely to encourage the uptake of subscriptions, such as the launch of YouTube’s premium music service and the growing popularity of smart speakers in the home,” said Geoff Taylor, CEO of BPI and the Brit Awards.