Music Buyers Enjoy Lower Than Ever Prices

Almost half of all CD albums now retail for under £10, according to the latest music buyers’ survey issued by the BPI.

Overall average album prices have continued to fall and recorded a new low of £10.40 for the year ended September 2003. Since annualised data first became available in quarter one of 2000, prices have fallen by 7.6%. By contrast, in that same period the Retail Price Index has risen by more than 8%.

Singles sales followed a similar downward trajectory falling by 6% on the same period in 2002. This is without the effect of the new lower-priced two-track single which made its debut in the final quarter of this year.

Competitive prices, combined with ongoing retail campaigns and a strong release schedule are all cited as factors for the resilience of the UK music market, which has managed to buck global trends and record growth for two consecutive quarters. Album sales in the UK are at an all-time high with annual sales now in excess of 230 million units according to latest BPI figures.

Music buyers are not only benefiting from cheaper prices. Increasingly, releases include bonus content and such extras as archive material and rare footage. New formats such as Super Audio CD and DVD-Audio are in many cases adding a whole new dimension to an artist’s repertoire.

The music buyers’ survey also highlights the role of music specialist stores such as HMV, Virgin, Fopp and MVC in meeting the needs of the music fan beyond the mainstream. A significant proportion of country, jazz and classical releases are sold in specialist stores with more than 43% of all country and classical albums and almost 49% of jazz sold in these shops.

BPI