BPI CEO Geoff Taylor believes that the UK can reach 30m music subscribers over the next five years, as technological advances fuel the demand for digital music.
Speaking to Music Ally for our latest country profile, Taylor said that the UK is now home to an estimated 23m to 25m subscribers, a huge number in a country that had 27.8m households in 2020 according to the Office for National Statistics.
“We think that can continue to grow and drive revenues for a number of years,” Taylor adds, “so we haven’t reached market saturation on music streaming.”
Taylor says that new businesses – such as exercise specialist Peloton – continue to add music to their services, which help to grow the digital market. “So there’s continued innovation in the market which is driving consumption and driving revenue,” he says. “And I think there are still consumers out there who haven’t made the switch to streaming and who will do so. So we think that the number of subscribers can go past 30 million over the next four or five years and revenues can continue to climb.” Streaming revenue increased 15.4% to £736.5m in the UK in 2020, according to BPI figures.
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