UK Music report found streaming growth in 2015

measuring-music-2016-ukUK Music issued its latest Measuring Music report, which found the industry on the rise with notable growth in streaming. Music contributed £4.1 billion in GVA (gross value added) to the UK economy across 2015. Total export revenue from British music totaled £2.2 billion. The share contributed by paid subscriptions has jumped from £168 million in 2014 to £251 million in 2015. Digital sales of singles and albums have been dropping since 2013. Physical album sales have also decreased in recent years, while physical sales of singles have held steady but very small.

The report noted that those increases from streaming have helped offset declines in other revenue sources, but argued that adjustments within the industry are still needed.

“The growth in revenues from streaming services reflect a well understood change in music consumption,” UK Music Chairman Andy Heath said. “However, there are services showing a huge increase in music consumption for barely a nudge in revenues.” The execs encouraged united efforts to increase the payments made by YouTube and other sites centered on user-generated content.

Anna Washenko