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.
The increase is driven by a 45% leap in streaming subscriptions as well as the ongoing vinyl revival.
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.
BPI chief executive Geoff Taylor said: “While these are reasons for optimism, music still has a long way to go to recover fully and achieve long-term sustainable growth.
“In particular, government action is needed to remedy the continuing value gap, so that all digital platforms pay fairly for their use of music, and with the transition period following Brexit now agreed, it is vital that British musicians can tour freely in the EU once we leave.”