UK Music Sales Hit 20-Year High in 2024
The UK music industry achieved record-breaking sales in 2024, driven by the surge in streaming subscriptions and the ongoing revival of vinyl records. According to the Entertainment Retailers Association (ERA), consumer spending on recorded music hit £2.4 billion, surpassing the previous high of £2.2 billion set during the peak of the CD era in 2001.
Streaming services like Spotify, Apple Music, and Amazon Music were the main contributors, accounting for over 85% of the total revenue. Subscriptions alone generated more than £2 billion, marking a 7.8% increase from the previous year. Kim Bayley, ERA's chief executive, celebrated the milestone, calling it "a banner year for music" and adding, "We can now say definitively — music is back."
Physical media remains popular in the UK as Vinyl sales grow 10.5%
Vinyl sales saw a 10.5% growth, with 6.7 million records sold, generating £196 million. While CDs remained stable, with revenues of £126 million, they still outpaced vinyl in unit sales, with 10.5 million albums purchased. The resurgence of physical media has been a significant factor in the industry's recovery, alongside the dominance of streaming.
Taylor Swift's album The Tortured Poets Department was the year's top seller, with 783,820 copies sold, including 112,000 vinyl records, making it the biggest vinyl album of 2024. Noah Kahan’s single Stick Season was the biggest song of the year, with the equivalent of 1.99 million sales.
Industry revival aided by streaming services
The music industry's revival follows years of decline due to piracy and the initial impact of digital platforms. At its lowest point in 2013, revenues had fallen to £1 billion. Since then, the adoption of streaming services has been pivotal in reversing this trend, doubling industry revenues over the past decade.
Music industry faces challenges as artist earnings are not reflected in sales numbers
Despite the financial success, challenges remain. Naomi Pohl of the Musicians’ Union highlighted the disparity in earnings for artists, many of whom struggle to make a sustainable living. “Sadly, professional musicians, artists, and songwriters are not enjoying the boom represented by these figures,” she noted, pointing to issues like low streaming royalties, high touring costs, and Brexit-related complications.
Video generates over £5 billion, while gaming sees a decline
In the broader entertainment sector, video remained the most popular medium, generating over £5 billion, driven by streaming services like Netflix and Amazon Prime. Meanwhile, the gaming industry saw a 4.4% decline, with revenues dropping to £4.6 billion due to underperforming releases and a shift toward subscription models.
Overall, the ERA reported combined revenues from music, video, and gaming exceeded £12 billion for the first time, marking the 12th consecutive year of growth. While the industry still faces hurdles, 2024’s figures underscore the enduring appeal and adaptability of recorded music in the digital age.
