The British Phonographic Industry (BPI), a trade body that represents the UK music industry, has today reported that trade income from digital music increased by a quarter (24.7%) to £281.6m during 2011. As a result, total digital music income (e.g. from internet downloads) now accounts for more than a third (35.4%) of the country's recorded music turnover (up from 27.4% in 2010).As usual most of the growth appears to have been cannibalised from a sharp -14.1% decline in trade income from physical music (e.g. albums CD's), which fell to a total of £513.8m in 2011 but still manages to account for nearly two thirds of the entire market.
Last month the BPI warned of falling investment and lost jobs (here) because the Government was allegedly "taking too long to act" against "chronic piracy" from broadband ISP customers. Curiously today's report makes no mention of internet copyright infringement (unusual for the BPI).
Geoff Taylor, BPI Chief Executive, said:
"It is highly encouraging for the long-term prospects of the industry that the pace of digital growth continues to accelerate. British labels are supporting a wide range of innovative music services and music fans are embracing digital like never before.
The record industry has continued to invest heavily in discovering and supporting outstanding British talent, which has helped sustain revenues in the face of difficult economic circumstances."
"It is highly encouraging for the long-term prospects of the industry that the pace of digital growth continues to accelerate. British labels are supporting a wide range of innovative music services and music fans are embracing digital like never before.
The record industry has continued to invest heavily in discovering and supporting outstanding British talent, which has helped sustain revenues in the face of difficult economic circumstances."
The income from subscription digital music services (Spotify Premium, Napster, We7 and eMusic) also grew by 47.5% during 2011 to reach £24.0m. By comparison the ad-supported free digital services (Spotify, YouTube, We7 and last.fm) earned £10.7m, which dipped by 1.4% year-on-year.
It's known that digital sales tend not to bring in the same level of revenue as physical media, not least because consumers finally have the freedom to pick and choose what tracks they like from a digital album and thus ignore the rubbish. However, piracy usually still takes the blame, which also ignores the impact of any wider economic problems.
Meanwhile the ever controversial Digital Economy Act (DEA), which aims to warn and ultimately punish (e.g. disconnect) ISP customers who become "suspected" of involvement with internet copyright infringement activity (piracy), continues to be stalled by a legal challenge from TalkTalk and BT Retail (the appeal began in January 2012). Not to mention other technical problems, political disagreements and legal tests.
At the same time ISPs, Rights Holders and the government are due to propose alternative plans for website blocking (censorship) of the most prolific piracy sites, which would be a voluntary system. Many expect this to be revealed as part of the new Communications Bill before the end of this month (here).
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Comments: 11
VMPosted: 16 February, 2012 - 2:46 PM
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No surprise as music CD at the high street still rip off. No ones will ever buy this!
JamesPosted: 16 February, 2012 - 4:18 PM
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Do these figures also include monies from radio play as well as music videos played on the multitude of music TV channels?
I also don't think the figures show monies generated from concerts as well as merchandise, where record companies also get a cut.
Also if you look at the pricing of physical albums they are basically being dumped, 10 years ago an album cost £20, now most albums cost £10 or less. I know that Amazon and other online retailers slashed the price of media products in the run up to Christmas also.
Another thing is that the UK is in recession and has been since 2008, the largest unemployment rate for 16 years has recently been announced. I would wager the music industry doesn't factor that either.
BobPosted: 16 February, 2012 - 6:52 PM
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The figures clearly sho that people now want Online NMusic & Downloads. Sales of CD's are in freefull whilst Online is increasing fast in spite of the recession and the Music industies desire to try to force people to buy CD's
I think the point of no return has been reached and the entire music industry willl have to accept that online and downloads are the desired medium
A similar thing is happening with newspapers where they are trying to maintian the sales of newspapers where as the trend is now clearly onnline with newspaper sales in freefull. We now even have the Lords trying to prop up the Newpaper industry with more tax breaks for them(They are already VAT excempt)
The same thing is happening with Post Office which no longer serve any real purpose yet the government is spending billions to try to keep them going but clearly it will not happen unless they radically reinvent
IanPosted: 16 February, 2012 - 9:53 PM
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I've bought hundreds of CD albums from the high street but have always hated the rip off prices. I would much rather give the full amount at a lower price direct to the artist, by purchasing direct from their website or at their concert.
PiRatPosted: 17 February, 2012 - 1:54 PM
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They just want control over the internet, they have all the money they could possibly need anyways.
NickPosted: 17 February, 2012 - 2:29 PM
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The artists are very talented people, but not necessarily too smart when it comes to money. The record industry is desperate for the penny not to drop with them. i.e. if the delivery mechanism is the internet (amazon or iTunes) where does the value add of the music industry fit in considering the small percentage of the sell price that goes to the artist
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