Sweden’s recorded music business pulled in 12% more income in the first six months of 2013 that it did the year before, according to new IFPI/GLF data.
Revenues in H1 2012 stood at SEK 446 million in sales, but have jumped to SEK 500 million in H1 2013 – and it’s streaming services like Spotify that are driving the growth.
Digital music now generates 75% of Sweden’s recorded music business – with a staggering 94% of digital music revenues in Sweden made up of money from streaming services. Just 6% of Sweden’s digital music revenues come from downloads.
Sweden’s physical music sales declines by 24% in H1 2013 and now represent just a quarter of the business. Following the worldwide trend, vinyl sales increased in H1 2013 by 50%.
Around 40% of revenues were generated by local repertoire, thanks largely to Swedish radio’s dedication to playing music from homegrown artists.
Ludvig Werner, CEO, IFPI Sweden, commented: “The strong growth seen in 2012 is continuing in 2013, and the fact that Swedish consumers prefer streaming is clearer than ever. Overall, these are very positive figures and show that the music industry is more prosperous than for several years.”
Can’t Hold Us by Macklemore & Ryan Lewis (pictured) has enjoyed an eight-week run at the top of the Swedish singles chart throughout May and June.Music Business Worldwide