The Current UK Music Market
Research In Business Management
As a direct result of the use of music, media, and marketing services is increasing, the majority of income for the UK recorded music industry is having to be made in ways other than record/single sales. As of now, the UK music industry is having to rely heavily on sourcing income from the digital markets such as music streaming, social media, and of course, the live music industry.
The reliance on these digital platforms for the profit majority have successfully driven up the competition amongst online music retailers. For example, in the midst of their “come back” HMV has released a digital app which “allows users to purchase tracks and albums from the retailer and then download them straight into iTunes on their mobile device - effectively competing with Apple's own iTunes Store.” (Ingham, T. 2013). As a result, Apple has removed the HMV application from their app store. Since 2004, the upswing of social media services has expanded exponentially. This expansion has accommodated the music industry very well, serving as a free and platform for artists and promoters. As of right now, Three of the top 10 most-liked pages on Facebook are by musicians1 – Rihanna, Eminem and Shakira. Music also leads the way on Twitter: the top four p...