UK Music Industry Hits $2 Billion Milestone Despite Streaming Growth Slowdown

UK Music Industry Hits $2 Billion Milestone Despite Streaming Growth Slowdown

By Marcus Stevenson

March 14, 2025 at 05:14 AM

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.

UK music industry skyline at sunset

UK music industry skyline at sunset

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.

Businessman checking phone with charts

Businessman checking phone with charts

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3D blue AI logo

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