Consumer confidence in digital music formats grew in 2012, sparking...
Consumer confidence in digital music formats grew in 2012, sparking a fifth successive record year for singles and strong performances from digital albums and streaming services, the British Phonographic Industry said Wednesday. Figures from the Official Charts Co. showed that…
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Britons streamed audio tracks more than 3.7 billion times last year, the equivalent of 140 music streams for every household in the U.K., it said. Digital album sales were up nearly 15 percent to 30.5 million, while CD sales dropped almost 20 percent to around 70 million, it said. Combined volume sales of digital and physical albums fell overall by around 11 percent to 100.5 million in 2012, it said. Sixteen digital albums sold more than 100,000 digital copies, but despite the growth in digital formats, CDs are still popular with fans, accounting for more than two-thirds of total sales compared with a 30 percent share for digital albums and 0.4 percent for vinyl LPs, it said. Last year was encouraging for U.K. artists and for music’s digital future, said BPI Chief Executive Geoff Taylor. Despite tight market conditions, the quality of music and digital innovation by U.K. labels signal good potential for domestic growth and a greater share of the global music market, he said.