The changes in music consumption continue. According to information given by the British Phonographic Industry (BPI), during the first trimester of 2012, revenues on the digital market (including downloads, streaming and other profits from digital services) are larger than those on the physical market. Which is something, though expected, had never happened before in the British music industry.
55% of all profits on the UK market came from digital sales and services (86.5 million pounds of a total of 155.8 millions, a 2.7% increase in comparison with the same period last year) during the first three months of this year. The figures reflect both the continuing deterioration of physical sales and the increase of profits from digital services.
In declarations to CMU, Geoff Taylor, a BPI executive, said: “This is a significant milestone in the evolution of the music business. UK record labels have embraced digital to their core, supporting innovation and licensing more new online and mobile services than any other country. As a result, the industry’s prospects for growth look brighter than for several years. […] We will need to see this trend repeated for several quarters to say we have turned the corner – demand for physical CDs remains strong in the UK, especially in Q4. However, the creativity, investment and digital expertise of the British music industry point the way forward for growth in the UK economy.”