Music streaming services such as Apple Music and Spotify have proven to be more popular than ever in the UK. Following the successful releases of albums from British artistes like Adele and Coldplay, the streaming industry enjoyed a healthy revenue boost of £83m (£62.6m), up from £168m to £251m in 2015. Still, it has not been enough to stem the decline in overall record sales.
According to figures obtained by UK Music, business for streaming services like Google Play and Tidal is booming. However, the company notes that the figures would be even higher if music video platform YouTube increased its artiste revenue rates.
UK Music chairman Andy Heath stated: “The revenues from certain ad-funded digital services … effectively devalue our music. The challenge is to convince all services to properly value the brilliantly gifted music we make available.”