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Report shows fall in music revenues

The amount of money made by the UK music industry fell last year, according to a new report.

Revenue dropped by almost 5% to £3.8 billion in 2010 - down £189 million on the year before.

The report, by industry body PRS for Music, found "both recorded and live music saw significant declines in revenues".

It continued: "On the supply-side, many major touring acts were not on the road in 2010, and with less supply comes less demand."

The value of ticket sales fell from £956.9 million in 2009 to £843.5 million in 2010 - a drop of 11.8%.

One of the reasons given in the report was that "a number of stadium and arena-filling bands" including Coldplay and the Rolling Stones did not tour and other big names including Kings of Leon and Rod Stewart played smaller venues.

Researchers found British music continued to sell well abroad and said the estimated value of UK digital music rights stood at £260 million.

Chief Economist at PRS for Music Will Page said: "The remarkable ability of UK music to continue exporting its songs and artists overseas will be key to driving the industry, and the UK creative economy, forward. It comes as no surprise that the overall numbers are down 5%, as consumers are feeling their wallets tighten, forcing tougher choices as a result.

"However, the licensing revenue streams which lie outside of the conventional radar are not only displaying impressive growth but illustrating the pace of diversification now taking place with the UK music industry."

PRS for Music represents songwriters, composers and music publishers and helps them collect royalties owed to them.

Source: music.uk.msn.com
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