Music streaming has grown to account for 87.7% of music consumption in the UK, according to a recent report by the British Phonographic Industry (BPI). This marks over four-fifths of all music consumption through streaming platforms such as Spotify, TIDAL, and Apple Music. The report also stated that there were 179.6 billion streams in the UK in 2023, double the number stated in 2018. It further showed that music listening habits have drastically changed in the last decade with streaming levels hitting its all-time high in 2023.
According to BPI, the report reflected a 12.8% rise from 2022, which confirms that 159.3 billion audio streams took place in 2023. Meanwhile, vinyl sales rose for the 16th consecutive year, with 5.9 million records sold in 2023, marking an 11.7% increase year-on-year. BPI Chief Executive, Dr Jo Twist OBE, stated that the resurgence of physical products reaffirms the resilience of the UK music market as streaming consumption continues to hit record levels.
The report reflects a dim picture for CD sales, which have experienced a decreased demand, while heaped praise on the cassettes, stating that new generations of music lovers are falling in love with it again. Analog lovers might argue that unlike vinyl records, cassettes are not immune to the wear and degradation that comes from constant use. However, in May last year, data and insights company Luminate released a report that revealed that 120,000 new tracks get released on music streaming platforms every day.
In the first quarter of 2023, over 10.8 million songs were uploaded, which is more than half of the entire releases in 2018. Streaming has changed the entire music industry with the likes of Spotify becoming the first music streaming platform to hit 200 million subscribers. As music consumption continues to rise through streaming, vinyl dragged the physical music market up for a 16th year. The report affirmed the resilience of the UK music market as the future looks encouraging for vinyl’s growth
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