Czech music business sees double digit growth

Foto ilustrativa: Karolina Grabowska, Pixabay / CC0 Public Domain

The revenues of Czech music business increased last year by 11 percent to 834 million crowns, according to a press release by the Czech branch of International Federation of Phonographic Industry.

Photo illustrative: Karolina Grabowska,  Pixabay,  Pixabay License
Among the main factors behind the trend is the increasing number of subscribers to music streaming services such as Spotify or Apple Music.

In 2017, the share of digital sales amounted to over 50 percent of overall music sales for the first time in history.

“This is the first year of really significant growth after several years’ of a revived music market,” Leoš Bednář of the Czech branch of International Federation of Phonographic Industry told the Czech News Agency.

The digital segment of the country’s music industry increased last year by 34 percent compared with 2016. At the moment it amounts to 51 percent to the overall sales compared to 44 percent in the previous year.

Streaming sales increased year-on-year by 50 percent, which represents 87 percent of the overall digital sales. On the other hand, there is a significant drop in download sales, which dropped by six percent and currently amount to about 13 percent of overall digital sales.

The sale of vinyls has increased significantly. The overall sales of platforms increased by four percent.

“We are glad about the sales increase in 2017. We regard it as a positive signal and an encouragement for the future and we will use the increased income to search for new talents.

“Nevertheless, the increase of 11 percent cannot cover losses from the previous year, caused by a change in the business model and by the general society’s tolerant approach to illegal music services,” the IFPI stated in its press release.

Last year’s best-selling albums include 25 (Kryštof), Divide (Ed Sheeran), Spirit (Depeche Mode), Poruba (Jaromír Nohavica) and Live At Pompeii (David Gilmour).

Among the top corporate players on the Czech music market are Universal Music (26.5 percent), followed by Warner Music (20.1 percent) and Sony Music (14.9 percent). Supraphon remains the biggest domestic music producer with 11.6 percent.