ERA: Brits Spent More than £1.2B on Recorded Music in 2017

Man listening to vinyl recordThe Entertainment Retailers Association (ERA) said that Britons spent more on recorded music in 2017 when spending rose 9.6 percent year over year to more than £1.2 billion.

ERA CEO Kim Bayley said that this bodes well for the music industry for this year. The growth in spending in 2017 exceeded almost twice the recorded 4.6 percent increase in consumer spending for 2016.

Growth Drivers

Streaming subscriptions primarily drove the increase in the previous year amounting to £577.1 million, up 41.9 percent from £406.6 million in 2016. However, Britons showed their nostalgia for vinyl records as they spent £87.7 million on them. Bayley attributed the increase on vinyl records to the experience of adding “something distinctive and additional to the content,” or simply to hand them as presents.

The British Phonographic Industry also said that music consumption in the U.K. significantly grew in the previous year. Based on album equivalent sales (AES), consumption rose to 135.1 million units in 2017 from 123.4 million units in 2016. Aside from streaming, vinyl sales, and AES consumption, Britons also spent more on musical concerts.

Theatre Box Office

According to UK Theatre, rock and pop concerts emerged as some of the top choices for Britons. Ticket sales for these genres climbed by 50 percent to £29.7 million in 2016. The industry body based its findings on box office incomes of around 200 theatres nationwide.

These figures indicate that despite some headwinds, the theatre industry remains resilient and continues to lure crowds, said UK Theatre President Fiona Allan. For cash-strapped concert producers, some ways to maximise a tight budget will often involve a lighting and sound system for hire instead of an outright purchase of equipment.

Conclusion

Britons’ penchant for vintage music records, digital streaming and concerts will be beneficial for the music industry in 2018. What did you spend on music in the previous year?
Britons’ penchant for vintage music records, digital streaming and concerts will be beneficial for the music industry in 2018. What did you spend on music in the previous year?