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700% Increase in Music Streaming in the UK

700% Increase in Music Streaming in the UK -

Over the past year online streaming servies such as Spotify & Last.fm have reported a mammoth 700% increase in the volume of music streamed. This in addition to the 250 billion songs which were viewed online via YouTube in 2012.

Chairman and chief executive of Universal Music UK and Ireland David Joseph revealed to The Guardian that over 7.5 billion tracks were streamed in the last year, which is up from 1.1 billion in 2011.

In the interview, the music executive goes on to express deep concerns over the fact that despite these extremely high figures, the year had seen just nine breakthrough UK acts. This is down from 2011's 19 acts and a high of 27 artists in 2007.

He said:

"There are two or three more acts to break but it doesn't look like reaching 19," said Joseph, adding that the industry was typically expected to break more than 20 acts a year. "Considering this is our lifeblood it is of concern to us, and something we focus on every day."

Joseph also that said comparing the BBC and commercial radio's appetite for new music was "not comparing apples with apples".

"The BBC does an amazing job introducing new artists," he added. "On commercial radio it often feels we have to create a hit first before commercial radio wants to play it. I do believe there is an audience out there who wants to hear the hits first, not 10 weeks later. I would love to see commercial radio take more risks."

the global music market is forecast to grow by 0.8% in 2014, compared with a fall of 1% in 2012 (and 4.1% in the UK).

"We have held on a bumpy ride but growth is just about to happen in the worldwide market."

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