STREAMING BOOM

Whilst being the hardest year for so many of us, 2020 saw a soar in streaming sales as UK Music Revenue continues.

Shortly after the 2000’s there was a peak in music piracy which saw a rapid decline over the past decade. Streaming saw the most considerable growth in 2020 making up over £1.2 billion.

In 2020 there was extreme uncertainty about how musicians would play on tours, concerts, festivals etc. All gigs were cancelled across the country and people faced a loss of income.

However, due to people spending more time at home the digital music industry has seen a rise in the use of streaming services. Music streaming consumption grew by 20%.

Digital media was a blessing to many in the last year who have seen prolonged periods at home, variably alone. The growth was clear outside of digital music with on-demand video revenues growing by 37.7% and gaming growing in both physical and digital retail: 4.6% and 16.3% respectively.

The live music industry still has a long way to go. Artists and event organisers are losing their primary source of income and event organisers are warning that 2021 is not going to get better.