As sales of Vinyl records grow for an eighth consecutive year, YouTube and other streaming services are being called into question as music labels complain that artists only receive ‘meagre’ payouts for the views and popularity their music gains when online.
British artists accounted for 1/6 of worldwide record sales with Adele and Ed Shreeran coming out as some of the favourites. YouTube generated £24.4 million for the music industry last year whilst Vinyl sales accounted for £25.1 million, this is despite the streaming growth of 88% in 2015. Music streaming reached a near 27 billion and overall the UK industry made £688 million, a fall of 1% compared to the previous year.
The fact that an out of date format can be more profitable to artists than streaming music, the most popular format, seems hard to believe and has angered fans and music producers alike. With digital download sales falling 13.5% and album and CD sales falling 6.2% and 3.9% respectively shows that if the industry is to grow then streaming services should pay artists more fairly.