The UK recorded music industry reached £1.49 billion ($1.93 billion) in revenue during 2024, marking a 4.8% increase from the previous year, according to the British Phonographic Industry (BPI)'s latest report.

Streaming growth showed signs of maturation, with the year-over-year growth rate declining from 8.4% in 2023 to 5.7% in 2024. Subscription revenue reached £875.5 million ($1.13 billion), while ad-supported streaming grew 8.9% to £77.9 million ($100.85 million).

Key streaming performances in 2024:

• Noah Kahan's "Stick Season": 233.1 million streams
• Benson Boone's "Beautiful Things": 219.3 million streams
• Sabrina Carpenter's "Espresso": 202.8 million streams
• Teddy Swims' "Lose Control": 201.6 million streams

Physical format revenues increased 1.3% to £246.5 million ($319.45 million), though this growth was significantly lower than 2023's 12.8%. Vinyl revenue grew modestly at 2.9% to £145.7 million ($188.64 million), while CD revenue declined slightly by 0.5% to £96.7 million ($125.20 million).

Other revenue highlights:

• Digital downloads: £24.3 million ($31.46 million), down 6.6%
• Public performance: £161.7 million ($209.35 million), up 5.6%
• Sync licensing: £43.9 million ($56.84 million), up 11.3%

BPI CEO Jo Twist emphasized the importance of supportive policies to maintain the UK's competitive position in the global music market, particularly regarding AI regulations and copyright protection.

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