The UK music industry reached record-high revenues 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 Growth Areas:

• Streaming revenue increased 7.8% to £2.02 billion ($2.50 billion)
• Physical sales grew 6.2% to £330.1 million ($408.04 million)
• Vinyl sales jumped 10.5% to £196 million ($242.28 million)
• CD revenue remained stable at £126.2 million ($156.02 million)

Notable Highlights:

• 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 in 2024
• The current revenue surpasses the previous record set in 2001 (£2.22 billion)
• Music sales have more than doubled since their 2013 low point

Market Analysis:

Spotify increased UK prices in May 2024, with Individual plans rising 9% to £11.99 ($14.82). While streaming platforms showed growth, price increases appear to have outpaced subscription revenue growth. Apple Music maintained its Individual plan price at £10.99 ($13.59).

ERA CEO Kim Bayley commented: "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."

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