The BPI has reported that UK recorded music revenue rose by 4.7% year-on-year to reach £1.32 billion for the full year 2022. The BPI says that this figure, which also includes revenues from synchronisation (sync) and public performance, represents an eighth consecutive year of growth and is up by 36% on the £968.6 million reported in 2017. This is the highest nominal annual amount on record, though, when adjusted for inflation, the figure falls hundreds of millions of pounds below the total reported in 2006, which was the first year to include sync and public performance.

Growth in 2022 was again fuelled by climbing streaming revenues, which rose 6.3% year-on-year to £885 million and which now account for 67.2% of industry revenue, up from 66.2% in 2021. The rate of streaming growth and record label investment in A&R and marketing is enabling a great many more artists to succeed through music, the BPI says.

Over the 12 months, overall revenue from the consumption of music on physical formats fell 10.5% to £215.7 million, with rising revenue of £119.5 million from the purchase of albums on vinyl up 3.1% helping to offset a 23.7% drop in CD revenue to £89.5 million. Vinyl now accounts for more than half (55%) of the revenue derived from music on physical formats, and the BPI officially confirms that in 2022 vinyl generated more trade revenue than CD for the first time since 1987. To read BPI’s press release in full, click here.