The UK recorded music market’s growth slowed in 2020 as consumption was affected by the coronavirus pandemic. Revenue rose by 3.8% to reach £1.118 billion – the highest total since 2006 and the fifth consecutive year of growth. However, figures from record labels association the BPI indicate a slowing of revenue growth compared to 2019, when the market grew by 7.3%. Streaming fuelled much of the total growth, increasing 15.4% to £736.5 million, offsetting part of the damage caused by the pandemic. “The safe and rapid reopening of live venues is the music community’s critical first priority, but the resilience of recorded music demonstrates the important role it plays in people’s lives even in the midst of the Covid pandemic.”PA Media

Source: Irish Independent March 23, 2021 15:11 UTC