Subscription streaming services such as Spotify and Deezer claimed a quarter of the entertainment market last year according to ERA’s 2014 Yearbook.

Meanwhile, the number of physical stores stocking music reached an all-time high, with independent retailers ‘particularly thriving’, according to the association.

In 2013, 74% of entertainment revenues were accounted for by ownership, while streaming services contributed 26%.

ERA’s report takes into account film and video games alongside music, so the likes of Netflix and Lovefilm are included under ...