UK music industry sees financial boost for first time in new century

While streaming has now doubt continued to be the focal point of music consumption, other physical mediums have continued to see a resurgence in recent years. In 2024, this trend proved especially positive within the UK music industry.

According to data from the Digital Entertainment and Retail Association (ERA), consumers in the UK spent more money on music in 2024 than at any time this century. With fans spending money on streaming services and continuing to purchase CDs, vinyl records. and cassettes, the industry reached £2.4 billion in consumer sales. This figure surpasses the previous high since the turn of the century when the industry reached £2.2 billion in 2001. Of course the years in between have seen a major shift within the music industry as streaming became the most popular source for music consumption in recent years.

With renewed interest in physical formats and major artists such as Billie Eilish and Taylor Swift leading the way in that department, the UK music industry witnessed a 10.5% growth in vinyl sales resulting in £196 million. CD sales brought in £126.2 million and streaming rose 11% to hit 199.6 billion streams throughout the year. Despite the positive figures, artists are still struggling to make a living as royalty rates from streaming services continue to be a point of contention and frustration for many.