We got good news back in January when we learned that, at a retail level, the UK’s recorded music industry grew 3.5% in 2015.
Today, a reality check: the money which then made its way to labels from sales and streaming actually fell 0.9% in the year to £688m ($1bn), says the BPI.
When performance rights are folded in, total label income did rise by a sliver (0.6%) in 2015 – some positive news, but meager consolation when new startling figures about YouTube are considered.
According to the BPI’s new Music Market 2016 yearbook, 26.9 billion video streams of music (across YouTube and Vevo) were measured by the Official Charts Company in 2015, up 88% on the year before.
Meanwhile, audio streams grew at a slightly slower pace. They were up 82% to 26.6bn streams.
That meant Vevo and YouTube were responsible for more than 50% of all on-demand music streams in the year – up on the 49% these services claimed in 2014.