It seems as though every week we have more news about the ever increasing popularity of vinyl, and this week is no different.
A new report shows that sales of vinyl in the UK have grown for the eighth year in a row—and the UK music industry now makes more money from selling vinyl records than it does from sites like YouTube.
The BPI (British Phonographic Industry) say that more than two million LPs were sold in Britain in 2015—that’s the most since at least 1994. That year saw huge sales of vinyl from Oasis, Bon Jovi, and The Beautiful South.
The Guardian newspaper said: YouTube and similar operators contributed a ‘meagre’ £24.4m to music industry coffers, despite an 88% increase in music video streams to nearly 27bn last year. That was narrowly eclipsed by the £25.1m earned by labels from the sale of 2.1m vinyl LPs in 2015.
BPI’s chief executive, Geoff Taylor, talked about the streaming platforms, explaining: “something is fundamentally broken in the music market.
“Dominant tech platforms like YouTube are able to abuse liability protections as royalty havens, dictating terms so they can grab the value from music for themselves, at the expense of artists,” said Taylor.
“The long-term consequences of this will be serious, reducing investment in new music, making it difficult for most artists to earn a living, and undermining the growth of more innovative services like Spotify and Apple Music that pay more fairly for the music they use.”
A spokesperson for YouTube told The Guardian that “as more advertising money comes online, this will grow to match consumption.”
Adding: “For years, the music industry lost millions of dollars as piracy rates soared. Thanks to our rights management system, Content ID, rightsholders have complete control of their music on YouTube and can easily decide whether to have content taken down, or profit from it.”