added: 1 Jan 2014 // by: Music-News.com Newsdesk
Market data compiled jointly by the BPI - the body which represents the British recorded music business - and the Official Charts Company shows that continuing strong demand for digital downloads and a surge in the consumption of music via streaming services helped the UK recorded music market achieve another £1 billion-plus year in 2013.
The way that music is discovered and enjoyed by fans continues to be shaped by the rapid evolution of digital technology, and 2013 arguably witnessed an even bigger shift in this dynamic as growing numbers took advantage of increased ownership of tablets and smartphones to either download or stream their favourite songs and albums.
Until now streaming data has not been included in the published UK market figures, but the BPI has calculated that in 2013 the value of premium-account subscriptions to audio streaming services such as Spotify and Deezer exceeded the £100 million mark for the first time to stand at around £103m (2012: £77m).
In all, a staggering 7.4 billion tracks were streamed via premium or ad-funded audio services over the past 12 months (according to the Official Charts Company data) - double the 3.7bn figure reported in 2012.
It also means that streamed music now accounts for 10 per cent of the overall value of the UK music market - a 34 per cent rise on 2012 figure of £77m, when its share stood at 7 per cent.
Digital albums are also up 6.8 per cent, with digital singles second-highest year of all time.
For a fourth consecutive year over a million singles were downloaded on Christmas Day as music fans took to the Internet having opened gifts that increasingly include smartphones, tablets and iTunes vouchers.