Tuesday, April 27, 2010

Beatles and Susan Boyle Help UK Music Industry's First Sales Rise in Six Years

Beatles and Susan Boyle Help UK Music Industry's First Sales Rise in Six Years

Beatles and Susan Boyle Help UK Music Industry's First Sales Rise in Six Years

Posted: 27 Apr 2010 03:52 AM PDT

Profits for the British music business have grown for the first time in six years, though the figures have only been welcomed as a "modest result."

Figures from trade body the British Phonographic Industry show record labels enjoyed growth from £916m ($1,404m) to £929m ($1.423m) last year, the first time money income from digital sales, including subscriptions and ad revenue from ventures such as Spotify, has outweighed declining CD sales.

Income from downloads of singles and albums grew by 53 per cent to £154m ($236m), while sales of physical formats dropped six per cent to £740m ($1.134m). Not that 2009 was a particularly halcyon year in terms of taste.

There were some Beatles reissues to buoy the market, but the big money came from the likes of Susan Boyle. The 'Britain's Got Talent' finalist's 'I Dreamed A Dream' became the fastest selling debut album ever and Take That's DVD 'The Circus Live' accounted for 16 per cent of sales in that format.

But despite the upswing in sales, the BPI is still downbeat about its prospects. In a statement, chief executive Geoff Taylor pointed out the "modest result" followed a five-year drop in income. "This is testament to continuing investment by UK labels in talented artists despite challenging economic conditions," he said. He added that digital growth "continues to be constrained by competition from illegal downloads."

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