The value of diversifying income streams has been illustrated by new figures released by British labels trade body the BPI.
According to the BPI, a fifth (20.5%) of all U.K. record company turnover in 2011 came from revenues generated outside of traditional CD, DVD and digital services, with ‘diversified revenues’ (income generated from music synchronization, ‘360 degree’ artist deals, concerts, music-related TV production, broadcasting and public performance) growing 8.4% year-on-year, rising from £189.3 million ($304.9 million) in 2010 to £205.3 million ($330.7 million).
Within those ‘diversified revenue’ streams, licensing income from television, radio and online broadcast, in addition to public performance revenues, collected by U.K. society PPL, combined with VPL revenues, increased to £83.2 million ($134 million).
Income from multiple-rights ‘360 degree’ deals, including concert revenues, merchandising, touring and D2C sales generated £76 million ($122.4 million) in 2011, an increase of 14% on the previous year, according to the BPI.
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