UK inflation-adjusted recorded music revenues between 20 by format type This is a benefit to those creators whose music continues to be listened to, but is not necessarily good for all artists because it means that today’s new music competes with yesterday’s songs for a share of streaming revenue. Streaming also created new opportunities for labels and creators to reach new audiences and has extended the lifecycle for earning revenue from songs. As a result of the introduction of music streaming services, inflation-adjusted recorded music revenues have increased from £0.8 billion in 2015 to £1.1 billion in 2021, although these revenues remain below their pre-piracy peak. Today, more than 80% of music is listened to via music streaming services. The introduction of services to enable legal, paid downloads of songs, followed by music streaming, meant that consumers could access the music they wanted legally, and that music companies and creators could monetise their content on digital services for the first time. The digitisation of music, in its early years, increased the use of illegal filesharing which caused a collapse in music industry and creator revenues as CD and other physical sales declined – inflation-adjusted UK recorded music revenues fell by around 60% from £1.9 billion in 2001 to £0.8 billion in 2015. Digitisation had a significant impact on the music industry Although our primary focus is on consumers, we have also considered the position of songwriters and artists, to consider concerns raised by some stakeholders that the market is not serving creators’ interests sufficiently. Our study has assessed the impact streaming has had on the music sector and whether competition is working well for consumers by delivering high-quality, innovative services for low prices. The price for music streaming services for consumers has also gone down in real terms in recent years because the monthly cost of music streaming service subscriptions has generally not kept pace with inflation. Streaming is now the primary means for artists and labels to distribute music and has been pivotal in securing the sector’s recovery from piracy. Recorded music is now also costing consumers less overall compared to when CDs and other physical formats were more popular, with inflation-adjusted UK recorded music revenues falling by around 40% from £1.9 billion in 2001 to £1.1 billion in 2021.Ĭonsumers have embraced music streaming – in 2021 in the UK there were 39 million monthly active users of music streaming services and there were over 138 billion streams. Whereas previously consumers would typically own a few CDs or vinyl records by their favourite artists, the rise of music streaming has given consumers easy access to large catalogues of music covering a vast array of genres and time periods for a fixed monthly price (or free, but with ads). Music streaming has transformed the music industry.
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