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UK Rising Legal Music Download Market to Reach 1.15 Billion Says Report Buyer - ReportBuyer.com, the online destination for business intelligence for major industry sectors, has added a new report
UK Rising Legal Music Download Market to Reach 1.15 Billion Says Report Buyer

 

PRZOOM - /newswire/ - London, United Kingdom, 2010/03/03 - ReportBuyer.com, the online destination for business intelligence for major industry sectors, has added a new report.

   
 
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According to the report “Music Industry UK Market Review 2010” music is described as a 'main hobby' (either playing, watching live or building a collection) by almost one in five UK adults. However, a much higher proportions of the population say that they listen to music every day, listen to it on the radio regularly or enjoy browsing in music shops, and 45.6% of homes contain a musical instrument (with just over a quarter of adults able to play one).

The importance of music in consumer lifestyles is also further emphasised by the results which showed broadening access to music, driven by new technology or other trends. For instance, slightly more than half of adults like watching `pop star' competitions on the television, such as The X Factor. 44.8% listen to music on their computers and 16.9% go to hear live music in concert, pubs or clubs at least once a month.

Amateur involvement with music is strengthening thanks to the `karaoke' or `have a go' culture engendered in pubs and clubs, by the peak-time talent shows and, most recently, by a tranche of video games such as Guitar Hero, which offer the chance to play along with `real bands'. At the professional level, live music is also doing well owing to improved venues, more efficient ticketing (online) and the fact that artists are keen to tour (and bands are keen to reunite) to make up for lost income on recordings.

According to the 158 page report, the recording industry - still the largest part of the music industry - has been in the doldrums because of the transition from easily regulated sales on CDs through record shops to the downloading of music to home computers and mobile phones, much of which is illegal. However, legal downloading is increasing and the report forecasts that the recorded market will at least stabilise in value over the next 5 years (at around £1.15bn), although not regaining its previous heights.

Although music retailers such as Woolworths and Zavvi have fallen by the wayside, the leading retailer, HMV, remains strong and the recording industry is backed by four giants, which have been in place for more than a decade. One of these `majors' is the UK-based EMI Group, a major force for many decades and still reaping the benefits of having The Beatles in its back catalogue, while the label's Coldplay had the best-selling album in the US and the UK in 2009. The other majors, all of which are larger than EMI, are Universal, Warner and Sony.

 
 
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UK Rising Legal Music Download Market to Reach 1.15 Billion Says Report Buyer

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