Sweden’s recorded music industry grew again in 2013, up 5% in revenue terms overall, as streaming accelerated its dominance over CD sales and downloads.
New information released by IFPI Sweden shows that streaming income grew by a whopping 30.3% to pull in 705.9 million SEK (£66.5m) in the year.
This income represented 71.2% of the country’s total revenue generated by recorded music in 2013, which stood at 991.2m SEK (£92.9m). In 2012, streaming accounted for 57.4% of total recorded music revenue.
In 2013, these streaming gains monetarily compensated for declines in all major music purchase categories.
As you can see in the table below, revenue from CD album sales declined 30% in the year to 229.5m SEK (£21.5m), while unit sales (‘Antal’) dropped to 5.8m (-31.3%). They accounted for just 23% of total revenues.
Download sales declined 22.6%, to 44.1m SEK (£4.13m) - just 4.4% of Sweden’s total recorded music market in 2013. That means streaming claimed an astonishing 95.6% of all digital income - up 5% year-on-year.
“Three straight years of sales growth [mean the] industry's revenue has now risen by total 27% in the past five years,” said Louis Werner, CEO of IFPI Sweden.
“Despite this turnover of the industry is now only 60% of [Sweden's] peak year of 2000. If we choose to focus on the ‘new’ industry which has grown up with streaming, however, the figures are very positive and places like Sweden are world leaders in terms of the growth and use of streaming services.”
The niche CD single market actually grew 13.3% to 990,000 SEK (£92,789), while vinyl sales grew 22.2%, but only accounted for 1.4% of total revenue.