The UK music industry has reached a new milestone after figures revealed that fans spent more than ever before on recorded music in 2024, captivated by Taylor Swift, Coldplay and Billie Eilish’s new releases. Streaming subscriptions and vinyl sales have grown in popularity; consumers spent £2.4bn on recorded music over the last 12 months, overtaking the previous peak of £2.2bn at the height of CD sales in 2001. There were 6.7 million vinyl records sold in 2024, generating £196m while CD sales remained stable at £126.2m.
The Digital Entertainment and Retail Association (ERA) stated that subscriptions to services like Apple Music, Spotify and Amazon Music were responsible for nearly 85% of consumers’ expenses on music. Kim Bayley, the head of ERA, referred to 2024 as a “banner year” for music, confirming that music is back beyond the 2013 all-time low, with sales more than doubling. In inflation-adjusted terms, the industry made up to £4bn in 2001, including Dido’s biggest-selling album that year, which had 1.9 million sales.
Despite the record-breaking success of the music industry in the UK, real questions still exist regarding how artists are paid in the digital age. The Musicians Union stated that almost half of working musicians in the UK receive less than £14,000 annually. Despite the increased streaming subscriptions and vinyl sales, it remains uncertain how much of the revenue is equivalent to the height of both CD and digital music sales in 2001.
Meanwhile, video remains the most popular form of home entertainment. Streaming services, DVD sales and movie rentals generated more than £5bn last year. Most revenue was digital, reflecting a year of high-profile flops for video games, with EA Sports FC 25 being the best-selling game of the year. Revenue from video games dropped from £4.8 billion in 2023 to £4.6 billion last year, with a 35% decrease in boxed physical sales of games.
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