Tom Cruise’s Top Gun Maverick and Harry Styles’ album Harry’s House both contributed to the entertainment sector’s record-breaking sales last year. In the music and video industries, respectively, the two releases sold the most copies.
The overall amount spent on home entertainment in 2018 including gaming was £11.1 billion, rising 39% from the previous year before the pandemic and 6.9% from 2021. In comparison, movie office receipts in the UK are higher than in 2021 but lower than before the outbreak.
The preliminary numbers, according to the Digital Entertainment and Retail Association (ERA), were “a fantastic vote of confidence” for the industry. Lockdown habits have persisted, which ERA Chairman Ben Drury called “amazing,” with more people watching movies online than in theatres.
“Few would have believed we would retain the huge bounce in revenues seen when the Covid lockdown kept people at home,” he said.
The most popular video title of 2022 was Tom Cruise’s sequel to the 1986 film Top Gun, while the ERA reported that more than 800,000 of the 1.1 million purchases came from “electronic sell-through” or downloads.
With £3.85 billion in revenue, subscription platforms like Amazon Prime, Netflix, and now TV have grown by almost 18% since 2021 and now control 87% of the video market. With sales of £4.7 billion in the UK in 2022, the gaming business still outperformed the film, television, and music industries, but the difference is closing.
In the past, people would line up outside stores on the day a major triple-A game was released, but these statistics reveal that 90% of video games are now purchased digitally.
When it comes to who the general audience preferred to listen to, Harry Styles topped both the lists for the year’s best-selling singles and albums with his single As It Was.
Sales of music increased to their highest point since 2003. While physical sales decreased, streaming sites like Spotify and Apple Music saw an increase in revenue, giving the sector a roughly £2 billion profit.