Vinyl and streaming services kept the music industry afloat in 2015
The buoyancy of the British music industry in 2015 was accredited to a massive rise in streaming as well as the continued revival of vinyl that provided the most assistance to the music industry. According to BPI; a trade body, the total number of songs that were streamed last year rose by 82% to an amazing 26.8 billion songs.
Vinyl sales also witnessed an impressive rise to 2.1million which was an increase of 64%. Meanwhile, according to retailer HMV, during the Christmas period, they sold a turntable every passing minute.
In general, the UKs music retail value has been on a downward trend since 2004 apart from 2015 where it rose to £1.06 billion which was an increase from £1.03 billion in 2014. The above figure represents the total value for physical albums-CD, minidiscs and cassettes, digital downloads as well as estimated revenues derived from streaming subscriptions and finally vinyl.
According to a chart by BPI showing various album sales for the last three years, it is clear to see that audio streams made the most progressive rise in sales. In 2013 and 2014, audio streams generated less than £20 million, however, in 2015, the revenues increased to nearly £30 million. Whereas singles, digital albums and physical albums dipped substantially in 2015 when compared to 2013 and 2014.
According to the chief executive at BP, Geoff Taylor; once again UK artists are responsible for influencing the growth as well as inspiring the fans. He continues to mention some of the most influential artists such as Adele, Sam Smith, One Direction, Ed Sheeran as well as trending newcomers such as Little Mix, Jess Glynne and James Bay.
In 2015, the best sellers were as follows;
Adele topped the list with her album titled 25 which sold an incredible 2 million copies in just five weeks followed by Ed Sheeran’s X album with 971,000 in sales. In third place was Sam Smith with In The Lonely Hour, which had 893,000 copies sold. An orchestral rework of Elvis Presley’s greatest hits took up the fourth position followed by Justin Bieber’s purpose album that sold 645,000 copies.
OMI’s ebullient summer anthem scooped the number one most streamed track f the year while Ed Sheeran was the most streamed artist in 2015.
On another note, it appears CDs are still going strong as the most dominant format that goes against what analysts had speculated. In spite of a 3.9% drop from 2014, there were 53.6 million discs sold last year. According to BPI, most people who subscribe to streaming are going for CDs and vinyl so as to get permanent souvenirs of their favorite songs.