U.K. RECORDED MUSIC REVENUE HITS ALL-TIME HIGH

Streaming subscriptions and vinyl sales have driven U.K. recorded-music revenue to an all-time-high of more than £2.22b, according to the Entertainment Retailers Association (ERA).

The high was achieved in the chart week that ended 2/23, according to numbers calculated on a moving-annual-total basis of 52-week periods.

“This is a day many thought would never come,” said ERA CEO Kim Bayley. “It is a red-letter day for music and the artists and songwriters who soundtrack our lives. There’s still a long way to go, but these numbers show that thanks to the innovation and investment of streaming services, music is on the right track.”

The U.K. music industry hits its previous peak in October 2001, only to see sales significantly decline after the age of Napster, to just £1b in 2013.

Bayley said the next milestone is to see music exceed 2001 not just in nominal terms, but in real terms too. “As ever the key to growth is for the music industry to embrace innovation. From the wax cylinder to the CD and indeed streaming, technology is the key to growth in music.”