PRS For Music have published figures showing that not only have digital music royalty revenues overtaken radio, but that they are growing faster than any other area. While traditional broadcast media showed only 3.1% growth, UK digital revenues increased by 32.2%.
The figures also showed that digital music players are actually the biggest source of income for singer-songwriters in the UK - as opposed to playing gigs at pubs and other live events.
Robert Ashcroft, CEO of PRS for Music said, "Copyright remains fundamental to the continued success of our members both at home and abroad, while the ever-increasing importance of licensed online services such as Itunes and Spotify underlines the value of music to the internet economy."
The Olympics meant that revenue royalties from live events fell drastically, particularly as Glastonbury did not take place last year, as they were 14.2% less than in 2011. However, with Glastonbury returning and Hyde Park planning a series of gigs, this is likely to see an increase in 2013.
The biggest source of income for UK music creators is international licensing revenue, even though it has fallen by 4% - as British artists such as Adele and Mumford & Sons helped contribute to a total of £180.1m.
Fortunately, the age of annoying mobile phone ringtones seems to be at an end. While five years ago, the revenue on ringtones was at £5.7m, it has now fallen to £900,000.
source: gigwise.com
