The UK music industry achieved record-breaking revenue of £2.39 billion ($2.95 billion) in 2024, marking a 7.4% year-over-year increase, according to new data from the Digital Entertainment and Retail Association (ERA).

Key findings from the 2024 data:

• Physical sales grew 6.2% to £330.1 million
• Vinyl revenue increased 10.5% to £196 million
• CD revenue remained stable at £126.2 million
• Streaming revenue rose 7.8% to £2.02 billion
• Taylor Swift's "The Tortured Poets Department" led both total album sales (783,820) and vinyl sales (111,937)
• Total vinyl LP sales reached 6.7 million units

Streaming remained the dominant revenue source, though price increases at major platforms like Spotify (9% increase for Individual plans) suggest actual subscription growth may have been more modest. Apple Music maintained its £10.99 monthly rate for Individual plans during this period.

ERA CEO Kim Bayley noted: "2024 was a banner year for music, with streaming and vinyl taking the sector to all-time-high records in both value and volume. This is the stunning culmination of music's comeback which has seen sales more than double since their low point in 2013. We can now say definitively – music is back."

While the nominal revenue represents an all-time high, the ERA acknowledges that accounting for inflation, the market remains below its peak in real terms, despite surpassing the previous record of £2.22 billion set in 2001.

Related Articles

Previous Articles