The UK music industry reached unprecedented heights in 2024, with consumers spending a record £2.4 billion on recorded music, surpassing the previous peak set in 2001. This remarkable achievement was driven by streaming services and a continued vinyl renaissance.
Taylor Swift dominated the charts, with her album "The Tortured Poets Department" becoming the year's biggest seller at 783,820 copies, including an impressive 111,937 vinyl units. The success reflects the broader trend of female artists' dominance in 2024's music landscape.
Streaming services like Spotify, Amazon Music, and Apple Music generated £2.018 billion in revenue, representing a 7.8% increase from the previous year. These platforms now account for approximately 85% of all UK music spending.
The vinyl format continued its remarkable comeback, with sales growing 10.5% to £196 million. This marks the 17th consecutive year of growth for vinyl records, highlighting consumers' enduring appetite for physical formats alongside digital consumption.
Overall album consumption reached 201.4 million units when combining physical sales and streaming equivalents, exceeding the previous record of 172 million set in 2004 during the CD era.
The top albums chart featured strong performances from diverse artists, with The Weeknd's "The Highlights" taking second place, followed by Sabrina Carpenter's "Short N' Sweet," Noah Kahan's "Stick Season," and Billie Eilish's "Hit Me Hard And Soft."
Kim Bayley, CEO of the Entertainment Retailers Association, celebrated the industry's recovery, noting that sales have more than doubled since their low point in 2013. However, musicians' representatives have raised concerns about fair compensation, with many artists still struggling despite the industry's financial success.
The record-breaking figures demonstrate the UK music industry's successful adaptation to the digital age while maintaining a healthy market for traditional formats.