London, England. Photo Credit: Grant Sams
The UK music industry generated nearly $2 billion during 2024 despite streaming- and vinyl-growth slowdowns, per a new report.
The British Phonographic Industry (BPI) disclosed these and other recorded-revenue particulars in its 2024 report, which follows a separate UK-specific breakdown from the Digital Entertainment and Retail Association.
According to the newer resource, UK music industry revenue totaled $1.93 billion/£1.49 billion last year, representing a 4.8% boost from 2023.
Behind the sum – and amid discussions about paid-listening plateaus in established markets – streaming’s YoY growth rate dipped from 8.4% in 2023 to 5.7% in 2024, the trade organization relayed. Outpacing even the 2023 growth rate, ad-supported audio-streaming revenue jumped 8.9% YoY to $100.85 million/£77.9 million in 2024.
Meanwhile, subscriptions to Spotify, Apple Music, and other on-demand platforms contributed $1.13 billion/£875.5 million to the UK music industry in 2024, for a comparatively modest YoY increase of 5.9%, per the BPI.
On the volume side, four tracks managed to crack north of 200 million combined audio and video streams apiece in the UK, population 69 million, during 2024.
Noah Kahan’s “Stick Season” ranked first here with its 233.1 million plays, followed by Benson Boone’s “Beautiful Things” (219.3 million), Sabrina Carpenter’s “Espresso” (202.8 million), and Teddy Swims’ “Lose Control” (201.6 million), respectively.
Unsurprisingly, permanent downloads’ years-running decline continued as well, referring to a 6.6% YoY slip to $31.46 million/£24.3 million.
And when it comes to physical sales, vinyl, CDs, and cassettes turned in a 1.3% YoY revenue increase overall, to $319.45 million/£246.5 million, the entity disclosed.
This growth percentage decreased substantially from 2023’s 12.8%, with the slowdown attributable in large part to a just 2.9% YoY revenue improvement for vinyl ($188.64 million/£145.7 million).
Rounding out the picture, CD revenue fell 0.5% to $125.20 million/£96.7 million in 2024, the analysis shows.
Lastly, the BPI pointed to $209.35 million/£161.7 million (up 5.6% YoY) in recorded public performance revenue, with an 11.3% YoY improvement for the narrowly defined sync category (to $56.84 million/£43.9 million).
Addressing the results in statements, BPI higher-ups touted a decade of continuous revenue growth – while also taking the opportunity to frame stiff global competition as another reason to bolster the UK music industry with rightsholder-friendly AI laws.
“After a decade of growth,” weighed in BPI CEO Jo Twist, “it is all too easy to take for granted the success of UK recorded music and the vital role record businesses play in this, underpinned by copyright, by investing billions to nurture and promote diverse talent from across the UK.
“But in the face of intensifying global competition, it’s essential they’re empowered by a supportive policy environment to keep British artists on the world’s top step,” Twist concluded.
Last month, reports revealed 9.4% YoY growth for Spain’s own recorded market in 2024; the IFPI is slated to release its 2025 global report next Wednesday, March 19th.
Content shared from www.digitalmusicnews.com.