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The number of businesses selling "recorded media"–from records, CDs and tapes, to video recordings and computer software–has decreased by one third since 2010. This is largely down to the fact that the way we consume media has changed, with downloads and on-demand services seeing a spike in popularity.
The UK’s media and entertainment sector, which recorded media is a big part of, is now worth almost £100 billion a year – 11% up on the same period last year. But it's not all good news for some parts of the sector.
The number of businesses linked to ‘recorded media’, or CDs and DVDs, declined from 1,315 to 880 between 2010 and 2017, falling victim to the rapidly evolving digital world we live in.
Over the past decade, consumers have increasingly shown their preference for convenient, on-demand downloads of music and films from the Internet.
Among the highest profile casualties of this new way of consuming DVDs and CDs was Blockbuster, the DVD and games rental chain.
Recently there has been a renewed interest and revival in sales of vinyl, which had previously been in decline since the 1990s.
While vinyl sales still only account for 5% of the albums market, the ‘vinyl revival’ has prompted the opening of a large number of small specialist independent record shops and labels.
For further information on the sourced references for the Business Trends data, outside of the Business Population Estimates 2017 and Nomis official labour market statistics 2010 and 2017, please download the information here (PDF, 240MB)