Record labels in the UK have seen their fastest rate of income growth since the 1990s when Blur, Oasis and Pulp ruled the charts.
New figures from the British Phonographic Industry’s (BPI) annual yearbook showed trade income rose by 10.6% in 2017 to £839.4m.
It is the largest rate of growth since the height of Britpop in 1995 when revenues increased by 10.7%.
The popularity of artists such as Ed Sheeran, Little Mix and Sam Smith combined with breakthrough stars Stormzy, Dua Lipa and Rag’n’Bone Man boosted the revenues which are generated via sales, and streams of music and sync.
The BPI argued that the rate of growth could have been faster if the value-gap was closed.
This refers to the distortion that allows user-upload platforms to pay lower royalties than competing digital services.