UK spent more on recorded music in 2024 than ever before, new figures show

Streaming servies and the retail-led vinyl revival saw more spent on recorded music in 2024 than ever before, new statistics reveal. 

Findings from the Entertainment Retailers Association (ERA) revealed how releases by Taylor Swift and Billie Eilish were among the biggest sellers. 

Streaming subscriptions and vinyl sales rose significantly with consumers spending a total of £2.4 bn over the last 12 months.

That overtakes the previous high of £2.2bn achieved during the peak of CD sales in 2001.

The figures have arrived at a critical period for the UK music industry when streaming revenues for artists are a source of controversy and small venues are under threat. 

James Brister, ICMP's Artist Development Manager, said: "While the UK music industry is performing well overall, much of this success is driven by headline acts like Taylor Swift and Billie Eilish. Meanwhile, independent artists and grassroots music face significant challenges, particularly in navigating the current streaming economy. Live music at the grassroots level is also under immense pressure."

At ICMP, we're committed to preparing the next generation of artists and industry professionals by ensuring they not only understand these challenges but also develop the skills, knowledge, and resilience needed to succeed."

"Despite the difficulties for emerging artists, I remain optimistic about the future and the talent we're nurturing at ICMP."

The BPI also revealed its UK recorded music statistics at the start of the year.

In their findings, musical consumption across sales and streams rose 9.7 per cent last year to 200.5m albums (or their equivalent) – marking a decade of uninterrupted growth.

In a year where Charli XCX memorably gave us a 'Brat Summer', six of the top 10 and half of the 20 biggest artist albums of the year were by women, headed by Taylor Swift's 'The Tortured Poets Department'.