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Swedish Q1 record sales up 30% thanks to streaming

Swedish Q1 record sales up 30% thanks to streaming

The latest comes from the Swedish Recording Industry Association (Grammofon Leverantoremas Forening - GLF) and places digital music accountable for 63.5% of total recorded music revenues in the quarter, 89% of which came from streaming services.

4.4 million CDs were sold in the first six months of 2012 in Sweden - an increase of just 1% on last year's sales.

Music sales overall generated 446 million kronor (approx £41 million) with streaming services bringing in 253 million kronor of the sales (approx. £23.3 million).

Digital's 89% contribution has been attributed largely to the growth of Spotify in particular but also to the impact that its increasing dominance has had on a la carte services. iTunes, for example, remains the dominant digital player in most territories.

After seeing the figures, Universal Music Sweden MD Per Sundin is optimistic about the future.

"We're back to the same revenue levels as during 2004," he told Music Ally.

"If the development continues in the same way we'll be back on turnover similar to those during the 'golden days' of the CD in just a few years".

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