The UK is experiencing a massive music streaming boom, according to a recent report.
The British Phonographic Industry (BPI) today released figures on the state of the UK music industry for the first half of 2015 – and business appears to be very good indeed.
They show a massive uptake – or as the BPI calls it, “explosive growth” – of music streaming services between January and June of this year. Since the same period last year, UK streams have risen 80 percent.
Conversely, we’ve seen a continued decline in physical music sales, though the rate of that decrease has levelled off somewhat. Meanwhile vinyl continues to experience something of a resurgence, with a 56.3 per cent boost in demand leading to a 20-year high.
At this rate, we could hit two million physical LPs sold in the UK by the end of 2015.
These two factor – the rapid rise of streaming services and the decelerated decline of physical sales – has contributed to an increase in overall consumption of recorded music of 4 per cent for the first half of the year.
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Perhaps the most interesting thing to note here is that this rapid rise of music streaming popularity in the UK takes into account such services as Spotify, Google Play Music, and Deezer. It doesn’t take into account Apple Music, which launched on July 1.
This means that the music streaming figures are unlikely to level out in the second half of 2015.