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Growing revenue is music to music firm's ears

Posted: 30/06/08
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UK music firms are earning a growing share of revenues from activities such as licensing songs, merchandising and tours helping to boost sales by 13.8% to £122m in 2007.

The British record industry body, BPI said these deals now account for 11.4% of the income of firms but acknowledged that CDs and digital music sales still represented the greater portion of industry income.

Martin Warner is the founder of Technology of Tomorrow 2008 and new media entrepreneur and says that “the record industry is still far too slow in embracing the new market of opportunities that the Internet brings. There is still a considerable lack of collaboration amongst content providers to create a compelling offering for the growing market of consumers who want to purchase their music online. The recent record sales secured by bands such as The Rolling Stones with their back catalogues and re-published material is evidence of the huge revenue streams available online.”

Record companies made £1.4bn from music sales via the high street and online retailers last year. With the Internet driving the changes in music buying habits, digital formats now account for 85% of all Top 20 single sales and made up 8.6% of total UK record sales.
Martin Warner is a new media entrepreneur and the executive producer of Technology of Tomorrow 2008 who is available for comments, quotes and interviews. For more information, please contact:

Craig Stephenson
Flame Public Relations
020 7233 7578
press@flamepr.com

Company: Technology of Tomorrow 2008
Company Website: http://www.tot2008.com

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music | technology of tomorrow 2008 | record sales | digital music sales |