The UK music industry achieved record-breaking revenue of £2.39 billion ($2.95 billion) in 2024, marking a 7.4% year-over-year increase, according to new data from the Digital Entertainment and Retail Association (ERA).

Key findings from the report:

• Overall physical sales increased 6.2% to £330.1 million
• Vinyl revenue grew 10.5% to £196 million
• CD revenue remained stable at £126.2 million
• Streaming revenue rose 7.8% to £2.02 billion

Taylor Swift's "The Tortured Poets Department" dominated the market with:

• 783,820 total album sales
• 111,937 vinyl copies sold
• Contributing to total UK vinyl sales of 6.7 million units

Notable market developments:

• Spotify increased UK subscription prices in May 2024, with Individual plans rising 9% to £11.99
• Apple Music maintained its Individual plan price at £10.99
• Overall market value surpassed the previous 2001 record of £2.22 billion

ERA CEO Kim Bayley noted: "2024 was a banner year for music, with streaming and vinyl taking the sector to all-time-high records in both value and volume. This is the stunning culmination of music's comeback which has seen sales more than double since their low point in 2013."

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