UK Music Industry Hits $2 Billion Milestone Despite Streaming Growth Slowdown
The UK recorded music industry generated £1.49 billion ($1.93 billion) in revenue during 2024, marking a 4.8% increase from the previous year, according to the British Phonographic Industry (BPI).
UK music industry skyline at sunset
Key Revenue Highlights:
- Streaming revenue grew 5.7% (down from 8.4% in 2023)
- Ad-supported streaming jumped 8.9% to £77.9 million
- Subscription streaming reached £875.5 million (5.9% increase)
- Physical format sales rose 1.3% to £246.5 million
- Vinyl revenue improved 2.9% to £145.7 million
- CD revenue declined 0.5% to £96.7 million
- Sync revenue increased 11.3% to £43.9 million
Top Streaming Performances:
- Noah Kahan "Stick Season" - 233.1M streams
- Benson Boone "Beautiful Things" - 219.3M streams
- Sabrina Carpenter "Espresso" - 202.8M streams
- Teddy Swims "Lose Control" - 201.6M streams
The data shows continued growth but raises concerns about streaming maturation in established markets. BPI CEO Jo Twist emphasized the importance of supportive policies to maintain the UK's competitive position in global music, particularly regarding AI regulations and copyright protection.
Despite the overall positive trajectory, marking a decade of continuous growth, the slowdown in streaming and vinyl growth rates suggests a maturing market that may require new strategies to maintain momentum.
The IFPI will release its comprehensive global music industry report on March 19th, providing broader context for these UK-specific figures.