Anorak | Good News: The Dying Record Industry Continues To Fleece Music Lovers And Acts For Mega Bucks

Good News: The Dying Record Industry Continues To Fleece Music Lovers And Acts For Mega Bucks

by | 23rd, February 2014

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IDIOTS keep saying the music industry is dying. Of course it isn’t. Have you seen how much money they spent on The Brits? If they’re skint, award shows would be held in a pub function room with darts trophies handed to the three remaining artists who have been daft enough to sign to a record company.

No, the record industry is doing just fine.

And why? Well, it turns out that, in Britain at least, people still really like buying bits of plastic with media embedded into it. Isn’t a romantic when you look at it like that.

According to the BPI, the UK recorded music industry grew 1.9 per cent in 2013. Even though revenue from CD  sales fell by 6.4 per cent, they still shift a buttload.

£365.4m out of the total of £716.8m made by the UK music industry comes from CDs and videos. They’re making an assload on digital recordings, clearly (digital sales overtook physical in 2012, for the record).

This money doesn’t even include money made from gigs, royalties to publishers, songwriters and composers; and retailer margins.

Would you believe that, while the internet is really great and all, people really like going down the shops, stretching their legs and having a nosey around shop before buying something on impulse. That’ll never go away.

“Revenues were in part boosted by the increasing proportion of sales accounted for by digital compilations and ‘premium’ or ‘deluxe’ album editions such as Beyoncé’s self-titled release,” the trade group notes.

So, if they want to make some real money, the recording industry is going to have to learn how to upsell online or with streaming services.

Until then, sod ’em.

Posted: 23rd, February 2014 | In: Money, Music, Reviews Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink