The UK music industry experienced a remarkable surge in 2024, with recorded music spending hitting an all-time high of £2.4 billion. This figure surpassed the previous peak of £2.2 billion recorded in 2001. Taylor Swift's "The Tortured Poets Department" emerged as the year's best-selling album, shifting 783,820 copies, while Noah Kahan's "Stick Season" topped the singles chart with 1.99 million equivalent sales. Kim Bayley, head of the Entertainment Retailers Association (ERA), hailed 2024 as a "banner year" for music, highlighting a significant recovery from the industry's low point in 2013.
Vinyl records witnessed impressive growth, with sales increasing by 10.5% and generating £196 million from 6.7 million discs sold. Conversely, CD sales remained stable at £126.2 million. The entertainment sector also saw successes beyond music, as the comic book movie "Deadpool & Wolverine" sold 561,917 copies, predominantly in digital formats. EA Sports FC 25 dominated the gaming industry, selling 2.9 million copies, with digital sales comprising 80% of total sales.
The resurgence of the music industry is closely tied to the inclusion of streaming in official charts since 2001 and the rise of "all-you-can-play" services like Spotify. Subscription revenues skyrocketed from £175 million to £2 billion over a decade, underscoring the transformative impact of digital platforms on the music landscape.
"We can now say definitively – music is back," said Kim Bayley, the head of ERA.
Despite these positive developments, not all stakeholders are reaping the benefits. The Musicians Union revealed that nearly half of working musicians in the UK earn less than £14,000 annually. This stark reality highlights the disparity between industry growth and individual artist earnings.
"Sadly, professional musicians, artists and songwriters are not enjoying the boom represented by these figures," stated Naomi Pohl, the Musicians Union's general secretary.
CD sales stagnated while vinyl records experienced a resurgence, indicating a shift in consumer preferences toward nostalgic formats. Such trends reflect broader changes in how audiences engage with music, driven by both technological advancements and cultural nostalgia.
The film and gaming industries also contributed to overall entertainment sales growth. "Deadpool & Wolverine" topped movie sales, while EA Sports FC 25 became the best-selling game, each benefiting significantly from digital distribution channels.
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