Music consumption grew by 2.5% in the UK last year, but how about actual spending? That grew by more.
Figures published by the Entertainment Retailers Association (ERA) reveal that consumer spending on music was up by 8.7% year-on-year to £1.68bn ($2.31bn) in 2021. Streaming subscriptions grew by 10.9% to £1.33bn as part of that, thus accounting for more than 79% of the total.
Meanwhile, physical sales rose by 7.3% to £291.5m – a bounceback from the initial Covid-19 hit in 2020 – while download sales fell 23.8% to £55m.
Note, these figures cover spending only: they do not include advertising-supported revenues, for example from YouTube or Spotify’s free tier, nor do they include sync income. Music’s 8.7% growth compares to a 13.3% rise in spending on video, and a 3.3% decline in spending on games – although the latter remains the biggest entertainment sector at £4.29bn in the UK last year.