British music industry sales reached an all-time high in 2024, powered by streaming services and a resurgence in vinyl records, according to new data released Wednesday.
The Digital Entertainment and Retail Association (ERA) reported that streaming revenue grew nearly 8% to £2 billion, while vinyl album sales jumped 10.5% to £196 million.
"2024 marked a remarkable turnaround for the music sector, with sales more than doubling since their 2013 low point," said ERA Chief Executive Kim Bayley.
Taylor Swift dominated the UK market, with her album "The Tortured Poets Department" becoming the year's top seller at 783,820 copies, including 112,000 vinyl units. American artist Noah Kahan claimed the biggest single with "Stick Season," achieving 2 million sales.
While streaming and vinyl flourished, CD sales remained flat at £126 million, highlighting the ongoing shift in consumer preferences.
The industry's landscape is transforming, with subscription-based revenue now playing a more dominant role than new releases, according to ERA Chair Linda Walker. However, this digital transition hasn't been without controversy, as many artists continue to voice concerns over streaming royalties, with Spotify facing legal challenges in the US.
Despite these challenges, the combination of digital and physical formats appears to be creating a healthy market ecosystem, contributing to the sector's strongest performance in two decades.