In 2024, UK music consumption and recorded music revenues hit a 20-year high, fueled by streaming services and the vinyl revival. Music consumption reached the equivalent of 201.4 million albums, with streaming alone generating 178 million albums, surpassing the 2004 CD boom. Consumer spending on recorded music also reached a record £2.39 billion, surpassing the previous high of £2.22 billion in 2001.
Music revenues grew by 7.4%, outpacing video (6.9%) and games (-4.4%). ERA CEO Kim Bayley noted that 2024 marked a major milestone, with music sales more than doubling since 2013. The combined UK music, video, and games markets surpassed £12 billion for the first time, a 50% increase since 2019. ERA Chair Linda Walker highlighted the shift towards digital services and subscription sales driving market growth.