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The strength of UK music, older buyers and low prices are helping Lo see the record industry through difficult times, with more than 50m albums sold in the third quarter of this year, 7.6% up on the same period last year.
Although store discounting and multi-buy album campaigns saw value of CD shipments rise by only 4.0% between July and September, the BPI's executive chairman Peter Jamieson says the growth illustrates the strength of British music.
"Look at Dido--they are amazing numbers--and then Robbie Williams and The Darkness," he says. "The music has been the booster. Why is Britain resilient to the so-called downturn? Isn't it Britain's musical ability?"
Jamieson argues that there is nothing intrinsically wrong with "Great British music" and profits are still being invested in talent. He points to The Darkness's debut album scoring second place in the quarter's best sellers list, behind only Now! 55, which was the best-selling album of the quarter.
However, he believes the trade figures would be infinitely better "were it not for piracy and price erosion". To underline the latter point, the BPI survey highlights the retail price index, which rose by 5.9% over the two year's from January 2000 to the end of 2002. In contrast, the average cost of a CD album fell by more than 6%, with customers paying less than 10 [pounds sterling] for many new releases.
HMV product director Steve Gallant and Echo managing director John Chuter also believe new music has been a strong factor in registering a record 230m units sold this year.
"Six months ago no one had heard of The Darkness," says Chuter. "It shows new music is coming through and can sell in big numbers. I don't think it matters a compilation was the biggest seller: it's all music and people shouldn't be snobbish about it."