The amount of money UK consumers spent on music subscriptions grew healthily last year Annual increase of 7.8%.
This is according to the latest preliminary statistics from the UK Entertainment Retailers Association (ERA), whose members include Spotify, Amazon, YouTubeand sound cloud.
According to ERA data, some £2.018 billion ($2.58 billion) Music streaming subscription spending will be higher in 2024 £1.87 billion 2023.
From a monetary perspective, this means year-on-year growth GBP £146.4 million.
(It’s important to note: ERA’s figures are retail amounts, which is how much consumers spend on subscriptions, not wholesale amounts paid to music rights holders. They do not include revenue from music rights holders. Ad support levels.)
Of course, the financial performance of the UK subscription market in 2024 will be clearly driven by one streaming service: Spotify.
Spotify announced in April 2024 that it would increase prices for several subscription tiers in the United Kingdom, the world’s third-largest recorded music market.
Spotify’s Premium Personal Membership Level Increased GBP 1 pound monthly in uk £11.99pm Last year; both its Duo and Family plans increased GBP £2 every month to £16.99pm and £19.99pmrespectively.
That’s the second one Spotify UK prices rise in two years. The service previously raised its UK price point in July 2023, when it surpassed its long-held price point for the first time £9.99 Billed monthly.
As MBW previously reported, the UK’s data collection system Competition and Markets Authority (CMA) It shows that in December 2021, Spotify’s market share among all music streaming monthly active users (“free” plus “paid”) in the UK exceeded 50%.
In addition to streaming revenue, of the times The latest figures also include physical music sales and downloads. (ERA members include UK brick-and-mortar music retailers such as HMVplus a network of independent retailers).
Annual UK physical music revenue (including CD and vinyl sales) grows Annual growth of 6.2% 2024 – Total 330.1 million pounds ($421.9 million).
Download sales drop Annual growth of 3.2%arrive £41.3 million ($52.8 million).
Total UK recorded music sales (including subscription streaming, physical music and downloads) in 2024 will be 2.390 billion pounds ($3.05 billion), up Annual increase of 7.4%.
That £2.39 billion The figure is the highest annual revenue ever recorded for the UK recorded music industry and is higher than the market’s previous peak, the ERA said. GBP £2.222 billion 2001.
However, this comparison does not take inflation into account.
In addition to the inflation factor, GBP £2.222 billion Worth it since 2001 GBP £4.081 billion By the end of 2024, according to the Bank of England.
He is the CEO Kim Bailey “2024 is going to be a banner year for music, with streaming and vinyl taking the industry to record highs in both value and volume. It’s the staggering pinnacle of music’s comeback since the lows of 2013. Since then, sales have more than doubled.
Ranked first in the combined UK music, video and games market surveyed by ERA £12 billion In 2024, it achieved 12 consecutive years of growth for the first time and hit a record high for the eighth consecutive year.
2024 £12.009 billion UK entertainment industry sales total more than 50% That’s higher than the total in 2019, the last year before the pandemic.
Times Chairman Linda Walker Said: “We are witnessing a fundamental shift in the dynamics of the entertainment industry. Digital services and retailers have become the driving forces of the market.
“For decades, the biggest driver of revenue growth has been new product launch events. By 2024, subscription sales will become an even more important factor.
All GBP to USD exchange rates in this article are based on average annual exchange rates for 2024.
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