Despite seeing a growth in digital of 19.6% , overall UK music revenues in 2010 fell 11%, meaning it is now the fourth largest global player in the music industry, after the US and Japan and Germany.
The findings, which come from a report published today (Monday) by the IFPI titled, Recording Industry in Numbers 2011, also reveal the value worldwide music market fell by more than 8% - and is now valued at £9.9bn in spite of an overall rise in digital of 5.4%.
The report also found that:
- There was a 4.6% increase in income generated from performance rights in 2010 while revenue to record companies grew 4.6% to £531m, with sharp growth in the US (up 27.9%) and Germany (up 18.5%).
- Europe experienced a 21.6% rise in digital revenues last year thanks to new subscription-based streaming services like Spotify, Deezer and Vodafone.
- The new Hadopi law in France, introduced last year, coincided with a decline in P2P file sharing of 5.1% - with 53% of illegal file sharers stopping or reducing activity since the law was passed.
- US digital sales accounted for nearly 50% of the market and grew 1.2% in 2010, with strong growth in online sales and digital albums.
- Piracy helped to account for an 8.3% drop in digital sales in Japan.