The British recorded music industry marked a historic milestone in 2024, with the BPI reporting a 9.7% increase in overall music consumption and the first growth in physical format sales since 1994.
According to Official Charts Company data, total music consumption reached 200.5 million album equivalents, driven by continued streaming growth and a surprising upturn in physical sales.
Streaming remained the dominant force, with 199.6 billion audio streams logged throughout the year - an 11% increase from 2023. The format now accounts for 88.8% of all music consumption in the UK.
In a remarkable turnaround, physical format sales grew 1.4% to 17.4 million units, marking the first increase in two decades. Vinyl sales surged 9.1% to 6.7 million units, reaching a 30-year high. While CD sales declined by 2.9%, this represented a significant slowdown from previous years' double-digit drops.
Dr. Jo Twist OBE, BPI chief executive, highlighted both opportunities and challenges ahead: "We've seen another strong year benefiting from streaming and driven by era-defining women. However, rising challenges include streaming fraud and proposed AI copyright changes that could impact artists' rights."
The year saw notable success for female artists, with women claiming six of the top 10 albums. Taylor Swift's "The Tortured Poets Department" led the charge with over 783,000 sales - the highest for any artist release since 2017.
British artists maintained a strong presence, with over 20 UK acts reaching number one on the albums chart, including Coldplay, Charli XCX, and The Last Dinner Party. However, increased global competition, particularly from the US, South Korea, and Latin America, presents new challenges for domestic talent.
Karen Emanuel, CEO of Key Production Group, expressed optimism about physical formats: "Not only are more people embracing the physical experience, but they are often looking to support artists more directly by buying physical formats. We expect further growth in 2025 and beyond."