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Record companies see revenue rise

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13th Apr 17 10:06 am

Streaming helped with growth

According to industry association the BPI, revenue for UK record companies hit a five year high in 2016.

Takings from streaming downloads, physical sales and licensing for use in films, TV and computer games managed to rise by 5.1 per cent to £926m.

The main factor for this type of growth was streaming but vinyl revenues managed to rise by more than two thirds.

The BPI said more revenues could be generated via YouTube.

Revenue for physical formats slipped to below £300m last year, this remained just above streaming services such as Spotify, Apple Music and Deezer, this figure sat at £274m.

Geoff Taylor, chief executive of the BPI and the Brit Awards, said: “Britain’s world-leading music sector has the potential for sustained growth in the years ahead, but this exciting future can only be realised if government makes creative businesses a priority post-Brexit,”

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