Music sales in the UK reached a 20-year record of £2.4 billion (€2.8bn) in 2024, surpassing the previous highest amount of £2.2 billion (€2.6bn) achieved in 2001, indicating a strong year for the industry, according to the latest figures published by the Digital Entertainment and Retail Association (ERA).
The highest revenues from recorded music to date have been achieved by pop superstar Taylor Swift and were primarily driven by the resurgence of vinyl sales and the growth of streaming services.
The album has sold 783,820 copies in the UK, including nearly 112,000 on vinyl, making it the best-selling vinyl album of 2024 so far.
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Figures for streaming services, including Spotify, YouTube Music and Amazon, show a 7.8% increase to over £2bn, whilst over £200m is spent on vinyl albums, representing a 10.5% year-on-year rise. Almost £126m is spent on CDs, the same amount as last year. Vinyl sells more units, at over 10.5 million albums sold.
The boss of ERA, Kim Bayley, referred to 2024 as "a banner year” for music, describing it as the "stunning culmination" of music's comeback, which has seen sales more than double since hitting a low point in 2013.
"We can now confidently declare that music has been reinstated," she stated.
While music revenues rose by 7.4% in 2024, the streaming economy remains a threat for artists and how they are fairly compensated. Data from the Musicians Union reveal that nearly 50% of musicians in the UK currently earn less than £14,000 (approximately €16,000) a year.
The largest-selling title of the year.
Despite last year's 4.4% drop in games sales, the sector is still roughly twice as big as the recorded music industry.
EA Sports FC 25 - previously referred to as Fifa - has once again secured its place as the best-selling game of the year. It has achieved impressive sales figures of 2.9 million units.
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