As a direct result of the use of music. Media, and marketing services Is Increasing, the majority of income for the UK recorded music industry is having to be made in ways other than record/single sales. As of now, the UK music industry is having to rely heavily on sourcing Income from the digital markets such as music streaming, social media, and of course, the live music industry. The reliance on these digital platforms for the profit majority have successfully driven up the competition amongst online music retailers.
For example, In the midst of their “come back” HEM has released a digital app which “allows users to purchase tracks and albums from the retailer and then download them straight into tunes on their mobile device – effectively competing with Apple’s own Tunes Store. ” (Ingram, T. 2013). As a result, Apple has removed the HEM application from their app store. Since 2004, the upswing of social media services has expanded exponentially. This platform for artists and promoters. As of right now, Three of the top 10 most-liked pages on Backbone are by musicians – Iranian, Mine and Shakier.
Music also dads the way on Twitter: the top four positions for the most-followed people on the service globally are claimed by musicians – Lady Gaga, Justine Bibber, Kathy Perry and Iranian. (BPI, 2013). In contrast, not all the effects of the digital explosion have been positive ones. It is no secret that the sales of CDC have rapidly declined since music has become more and more available in a digital format. Geoff Taylor of BPI insists that The CD still has an important role to play,but the continuing rise of digital is proof that consumers are embracing its immediacy, convenience and breadth of catalogue (Taylor, 2013).
Essentially highlighting the appeal in the widespread convenience of online music streaming and downloads. However, with the increased availability of illegal downloading options, which let users access millions of tracks, music videos, and movies for free, it has become extremely hard for artists and other music business professionals to make a profit. Many independent artists and publishers have come up with other creative ways to make money off of their business. For example, I-J Indies band, Frankie and the Heartstrings, have opened up a record/coffee shop where hey work full time.
The band’s frontal encourages that they have done this in order to try and “to engage with people and make them realize the value of actually owning music… We Just want to try and make that connect with people and explain to them why it’s such a cherished item. ” (Francis, 2013). One thing that has experienced positive growth in the past two years is the sale of vinyl records, which is currently at it’s highest rate since 1997 (FRUIT, 2013). Many people like Francis, are beginning to learn that selling records alone does not earn enough to sustain a living. Although, according to the BPI 2013 yearbook, “more than one in four (27. %) people in the I-J claim to use legitimate digital music services to purchase downloads or stream content. ” (BPI, 2013). ” Despite the legal music purchases many people claim to have made, independent music publisher, Rachel Carton states, “Rates related to streaming music online are so low that no one can make a living from them” (Carton, 2013). The decline in the sales and production of physical music formats has also made an impact on the AMPS, which issues mechanical licensing for music production in the I-J. With less CDC than ever being produced, the demand for mechanical licenses has almost diminished.
Earlier this year CEO stated on behalf of the AMPS that “[Our] revenue is on a downward path as CD sales continue to decline. Royalty income collected from recorded media licensing in 2011 was III . Mm down 13. 2%. ” (Ashcroft, 2013). Later, chairperson Peter Cornish revealed that despite collecting royalties of almost Emma for AMPS in 2012 [a figure which included including mechanical royalties from television and radio licensing], the AMPS have en unable to reduce costs as quickly as they’d like. (Cornish, 2013). This had proven to be an alarming downturn for the AMPS and also directly affects the artists that it serves.
Thankfully, the AMPS still has the PROS above it, which has continued to successfully gain a profit through issuing performance licenses throughout the I-J. It seems that with the introduction of the digital music age, it has been impossible for any area of the music industry to stay consistent. However, the live music industry each year. (Gammon’s, 2011). With music more readily available to eager listeners, and at a lower price) festival and concert tickets sell at a higher rate, with a large percentage of attendees traveling to take part.
UK Music CEO, Joe Tipple, revealed that the UK music industry is doing a great Job for the British economy, encouraging 6. 5 million tourists who generated EH. 2 billion last year (2012) and that music tourism created over 24,000 Jobs. ” Overall, it is hard to take a position on whether the UK music industry has changed in a negative or positive way over the last year. The expansion of some areas have caused a great decline in others, but a select and lucky few have figured out says to take advantage of all current music industry markets, and use it for their success and profit.