- UK music revenues reached £2.39 billion in 2024, driven by streaming and a vinyl resurgence.
- The streaming market contributed over £2 billion, while vinyl saw a 10.5% sales rise to £196 million.
What happened: UK music hits a high note
The UK’s recorded music revenues soared to an unprecedented £2.39 billion in 2024, according to the Digital Entertainment and Retail Association (ERA). Streaming services dominated, contributing over £2 billion, with platforms like Spotify and Amazon Music driving consumption.
However, physical formats also experienced significant growth, with vinyl sales rising by 10.5% to £196 million. This resurgence of physical music formats, alongside robust digital performance, pushed market revenues past the previous peak of £2.22 billion in 2021, demonstrating the sector’s adaptability.
Despite the digital shift, physical formats still held a 14% share of total revenues, with CD sales maintaining a steady £126.2 million. ERA Chief Executive Kim Bayley described 2024 as a “banner year” for both digital and physical music, attributing the success to a “mixed physical-digital ecology” that strengthens the entertainment market as a whole.
The ERA’s report underscores how evolving consumer habits continue to shape the future of music, with streaming solidifying its dominance while vinyl meets demand for tangible, nostalgic experiences.
Also read: Apple partners with Airtel to expand streaming services in India
Also read: How low latency enhances gaming, streaming, and remote work
Why it’s important
This milestone signals a full recovery and a new growth phase for the music industry after years of declining revenue following the “CD boom.” Since 2013, the market has more than doubled in value, showing resilience amidst shifts in consumer habits.
The ERA’s data draws comparisons to 2004’s high point of 172 million albums sold, now eclipsed by the streaming equivalent of 178 million albums in 2024. The strong performance of albums like Taylor Swift’s The Tortured Poets Department, which sold 783,820 copies, reinforces that high-profile releases still influence sales.
Streaming’s continued growth underscores the importance of robust internet infrastructure. Music platforms like YouTube Music rely on fast networks for seamless experiences, making this a pivotal area for telcos to monetise. The rise in vinyl reflects consumer demand for tangible experiences, balancing digital convenience with nostalgia.
