According to the digital entertainment and retail association (ERA), the number of independent record shops in the UK has hit a 10-year high. There are currently 461 indie record shops in the UK, which is 122 more than a decade ago. This comes as the number of shops that physically sell music – such as supermarkets and specialist chains – has taken a plunge, dropping by 8,000 compared to 2014. Only 8% of all music sales are now in a physical form.
The ERA’s 2024 Yearbook, packed with stats on the music, video, and gaming sectors, highlights that the UK music market was worth £2.2bn last year. With 84% of this figure attributed to streaming subscriptions, the publication also found that there is a sustained demand for vinyl records, which has increased for the 16th year in a row. It has meant that the overall sales of vinyl records have grown beyond £170m, with 6.5 million sold in total.
The ERA reports that 2.2 million records were sold through independent stores, and older albums generated £110m of the sales, which is higher than new releases. Although the overwhelming success of music streaming is undeniable, many music fans are loyal to the high street physical music buying experience. Kim Bayley, the CEO of ERA, stated: “Indies have found their niche and they are here to stay. It shows that, despite the overwhelming success of music streaming, many music fans remain committed to the high street physical music buying experience.”
To focus on independent store owners, the ERA has been encouraging shopping in independent record stores by organising Record Store Day every April. Also, ERA Yearbook has listed additional notable findings, such as smartphones being the most commonly used device for listening to music. These have overtaken in-car radio for the first time, marking a significant shift in music listening habits
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