The total consumer spend on recorded music topped the 2001 record of £2.2bn and takings from streaming services including Spotify, YouTube Music, and Amazon rose to more than £2bn.
UK music sales hit a 20-year high of £2.4bn in 2024, helped by pop megastar Taylor Swift’s latest album, and driven by streaming and the vinyl revival, figures show.
Revenues from recorded music reached an all-time high, more even than at the peak of the CD era, according to annual figures from the digital entertainment and retail association ERA.
Total consumer spending on recorded music – both subscriptions and purchases – topped the previous record of £2.2bn in 2001, ERA said.
Takings from streaming services including Spotify, YouTube Music, and Amazon rose by 7.8% to a little over £2bn.
Almost £200m was spent on vinyl albums, an annual uplift of 10.5%, while CD album revenues were flat at just over £126m.
Swift’s The Tortured Poets Department was the biggest-selling album of the year, aided by her record-smashing worldwide Eras tour.
More than 783,000 copies were bought, nearly 112,000 of them on vinyl – making it 2024’s biggest-selling vinyl album.
The biggest single of the year was Noah Kahan’s Stick Season, generating the equivalent of 1.99 million sales.
ERA chief executive Kim Bayley said 2024 was “a banner year for music, with streaming and vinyl taking the sector to all-time-high records in both value and volume.
Ms Bayley called it 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.”
Despite the increasingly strong performance by the British music industry, artists are said to be receiving less money.
Experts have said the musicians make less than people would think because of the role of streaming – platforms do not normally pay artists directly and divide any owed payments among the rights holders of songs.
Music revenues grew by 7.4% in 2024, while video rose by 6.9%, and games fell by 4.4%, according to preliminary figures.
Subscriptions to Netflix, Amazon Prime Video and Apple TV grew by 8.3% to £4.5bn – almost 90% of the sector’s revenues.
Deadpool & Wolverine was the biggest-selling title of the year, with sales of 561,917 – more than 80% of them sold digitally.
Despite the games sector’s 4.4% decline last year, it remains nearly twice as large as the recorded music business.
Full game sales saw a drop-off with PC download-to-own down 5%, digital console games down 15% and boxed physical games down 35%, in favour of subscription models which grew by 12%.
EA Sports FC 25 – formerly known as Fifa was once again the biggest-selling game of the year, generating 2.9 million unit sales, 80% of them as digital formats.
