The UK music industry has hit a major milestone, surpassing £2.4 billion in sales for 2024, its highest total in two decades. Streaming subscriptions and vinyl sales have soared, driving this record-breaking figure, which outpaces the previous high of £2.2 billion set during the peak of CD sales in 2001.
Music fans have embraced streaming platforms like Spotify, Amazon Music, and Apple Music, accounting for nearly 85% of the total spending. Vinyl has also seen a significant resurgence, with 6.7 million records sold, marking a 10.5% increase. In contrast, CD sales have remained steady at £126.2 million, with 10.5 million albums purchased.
Taylor Swift’s The Tortured Poets Department led the charge as the biggest-selling album of the year, with 783,820 copies sold, while Noah Kahan’s Stick Season dominated the singles chart with the equivalent of 1.99 million sales.
Despite the surge in overall revenue, the music industry still faces challenges. According to the Musicians Union, many artists are struggling to earn a fair share from streaming revenue. Nearly half of working musicians earn less than £14,000 annually, with issues such as rising living costs and the impact of Brexit on touring further complicating their financial situation.
ERA’s head, Kim Bayley, hailed 2024 as a “banner year” for music, noting that sales have more than doubled from their low point in 2013. However, when adjusted for inflation, the industry’s revenue still lags behind 2001’s figures.
While streaming and vinyl have revitalized the music scene, the industry’s financial landscape remains uneven for many artists, even as music’s popularity continues to grow.