Music Week reports that while BPI’s 2021 unit sales data showed that CDs remained ahead of vinyl, the latter is poised to become the dominant physical format in terms of revenue.Vinyl albums brought in £135.6million in 2021 (up 23.2 per cent year-on-year) compared to £150.1million in CD sales (down 3.9 per cent year-on-year). On this current growth trajectory, vinyl will be ahead by the end of this year.In terms of unit sales, 14.4million CDs were sold in the UK last year (down 10.5 per cent year-on-year) compared to 5.3million vinyl LPs (up 10.6 per cent).Sony Music UK VP of market planning and sales Charles Wood told Music Week that he believes vinyl will become the largest physical contributor to labels in terms of revenue during the next 12 months.“Following an uplift of interest in vinyl sales during Covid, we saw that vinyl was being purchased by a broader audience, beyond your music fanatics and niche format obsessives that drove the ‘vinyl revival’,” Wood said.“We saw continued growth for vinyl sales in 2021 – now making up 27 per cent of the physical market in terms of volume.
Nationwide set to increase rates on range of savings accounts from next week
28.01.2022 - 18:33 / dailyrecord.co.uk
Britain's biggest building society will boost rates on a range of savings accounts by at least 0.15 percentage points from next week.
Nationwide Building Society's savings shake-up from Tuesday, February 1 will include rate rises on children's and regular savings accounts, the society's Help to Buy Isa, as well as its loyalty accounts.
The Bank of England base rate increased by 0.15 percentage points to 0.25% in December 2021, increasing costs for some borrowers. In general, rate rises do not always filter through into better deals for savers, however, Nationwide said it is passing on an above bank rate increase of 0.25 percentage points on children's savings accounts.
To help encourage current account members to save regularly, the society will also bump up the rate on its Flex Regular Saver by 0.50 percentage points - to 2.50%.
The Flex Regular Saver allows someone to deposit up to £200 each month for a year and make up to three withdrawals during the 12 month-term without impacting the interest rate.
According to calculations from Moneyfacts.co.uk, a saver putting in £100 per month for a year would end up with around £16 in interest with the new 2.50% rate compared with around £13 previously.
Someone putting in £200 per month would gain about £32 in interest with the new rate, compared with £26 under the old rate.
Nationwide will also increase the rate on its Start to Save account by 0.25 percentage points to 1.25%.
Its Help to Buy Isa rate will increase by 0.25 percentage points to 1.25%.
Tom Riley, director of banking and savings at Nationwide Building Society, said: "In recent months our average deposit rate has been two-thirds higher than the market average, but we also need to balance our savings rates with the
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