UK’s Streaming Music Industry Garners £103 Million from Subscriptions in 2013

Subscription revenues for streaming music among UK audiences totaled £103 million in 2013, according to a recent report by British music body the BPI and the Official

Subscription revenues for streaming music among UK audiences totaled £103 million in 2013, according to a recent report by British music body the BPI and the Official Charts Company.

Overall, the music industry garnered more than £1 billion in 2013, and the majority was from album sales. However, while album and single sales saw slight, single-digit decreases, subscription revenue grew by 33%, accounting for 10% of total music revenues.

Obviously, that figure does not account for ad-supported streaming, implying that the total market for streaming audio is growing and quite big. This is good news for music streaming sites, which get high conversion rates but still seem to have trouble coming up with profitable business models.

No word yet on how much of the £103 million was accounted for my Spotify’s UK subsidiary, but Spotify did account for 84% of streaming subscription revenues in 2012, so expect that it will again account for a big chunk. But with Apple’s iTunes Radio expected to launch this year, Spotify might see a reduced market share in 2014. And once cars are able to stream music through 4G services (Oh, it’s coming…) subscription-based streaming services will likely get a bigger boost.

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