One-Fifth Of Record Company Revenue In The UK Comes Outside Of Music Sales
The music industry is looking beyond traditional sales to increase revenue.
The Telegraph reports how the music industry in the UK is adapting itself, and developing new revenue streams apart from the traditional sales of music CDs and downloads. These ‘secondary revenues’ that include income from concerts, merchandise and film and TV rights made up almost 20 percent of total sales by record companies last year. Geoff Taylor of the BPI, the British record industry’s trade association, says:
Music companies continue to face an enormous challenge from illegal downloading, but are responding positively by transforming themselves for the future, identifying new opportunities to generate returns from the massive investments they make – hundreds of millions of pounds per year – in UK talent.