According to a new report from the British Phonographic Industry.
Per the BPI (British Phonographic Industry), UK recorded music revenue grew by 3.8% in 2020, with vinyl and streaming as the strongest areas. Vinyl revenue went up by 30.5% to $118 million, the highest since 1989. Meanwhile, 150,000 cassettes were purchased in 2020, the highest total since 2003
‘Vinyl’s exceptional performance despite retail lockdowns confirms its role as a long-term complement to music streaming,’ says Geoff Taylor, BPI’s Chief Executive. ‘2021 is likely to be the year in which revenues from LPs overtake those from CDs for the first time in well over three decades—since 1987.’, he concludes.
Streaming revenue grew by 15.4% to $1 billion, also offsetting the impact of the pandemic on the UK recorded music industry.
You can read the full report here.
