The UK is estimated to have overtaken Germany as the largest music market in Europe, according to the Global Music Report from IFPI, the music industry body.
Revenues from all UK music segments, including streaming, downloads, physical sales, performance rights and synchronisation (use of music in film, TV, ads and games), grew by 3.1 per cent in 2018, compared to a 9.9 per cent decline in Germany during the same period. This left the UK as the biggest music market in Europe for 2018.
Worldwide, music revenues increased by 9.7 per cent - the fourth consecutive year of growth for the music industry and the highest growth rate since the IFPI began tracking the industry in 1997.
The growth was spurred by the expansion in streaming revenues which rose by 34 per cent, and the streaming format now accounts for 46.9 per cent of music revenues worldwide.
Why the UK for music