The BPI and the Entertainment Retailers Association remain positive about the outlook for the UK’s recorded music industry, despite COVID-19 and Brexit representing extremely tough challenges for the British music business.
BPI CEO Geoff Taylor, talking in our UK Country Profile, points out that before the coronavirus outbreak the UK’s recorded music business was in a healthy position, with trade income of £1.1bn in 2019 reaching a 13-year high.
Bayley, meanwhile, says she is confident of ERA members’ ability to respond to music fans’ desire for music “after years of consistent innovation by digital services and retailers”.
Underlying this is the strength of the British music streaming business. recent figures from consultancy firm Midia Research revealed that by mid-2019 there were 19.8m music subscribers in the UK, a number that equates to around 17m subscriptions in a country of 65.8m people. The number puts the UK among the global markets with a highest percentage of music subscribers: the US, with a population of 333m, had 60.4m paid subscriptions in 2019 (admittedly, not including ‘limited-tier’ services like Amazon Prime and Pandora Plus), while Sweden is thought to have somewhere between 2.3m to 3m music subscribers in a country of 10.2m people. You can read the full UK country profile here.
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