2023 Half Year Analysis for UK Music Industry Looks Positive

The UK music industry has once again experienced a remarkable surge in 2023, with double-digit growth propelling the half-year total for streaming equivalent albums (SEA) to an impressive 79,241,502—an 11.3% year-on-year increase. 

These figures, sourced from exclusive market data provided by the Official Charts Company and the BPI, overshadow last year’s mid-year growth of 8.7% and the overall growth of 8.2% recorded in 2022. It is clear that the UK music industry continues to thrive, defying any signs of slowdown.

Undoubtedly, the second quarter served as the primary catalyst for this upward trajectory. Album equivalent sales (AES) witnessed an 11.1% year-on-year surge, while streaming equivalent albums (SEA) experienced an even more impressive uptick of 12.7%. 

Notably, physical sales demonstrated resilience during this period, managing to grow by 3.3% year-on-year in Q2. Vinyl took the spotlight, showcasing a remarkable 10.2% surge in the quarter.

Analysing the half-year figures reveals a rather flat performance in physical sales, with only a marginal decline of 0.3% to 7,795,714 units. 

This modest dip was mitigated by the substantial growth witnessed in the LP segment, which effectively offset the 5.8% decline in CD sales. Over the span of six months, vinyl sales experienced a significant year-on-year increase of 12.4%, amounting to an impressive 2,714,642 units sold.