Lagging behind since 2014, the UK's music industry has made a booming return in 2024 after reports showed that its revenue recorded a new high of $2.9 billion (£2.4 billion) in the said year.
Similar to her record-breaking 'Eras Tour,' which generated $2 billion, Taylor Swift is one of the many artists who have had the best impact. Swift's latest album 'The Tortured Poets Department' is the best-selling of the year, with nearly $984,000 copies (£783,820). Billie Eilish and Coldplay, with their singles and tour, respectively, also followed behind.
Breakdown of UK Music Market's Return in 2024
BBC reported streaming has been the major factor in the UK music industry's recovery since the mid-2010s. If recalled, this is the time when piracy and illegal streaming caused a huge decline in sales. By streaming, it means Spotify, Apple Music, and Amazon Music, which accounted for almost 85% of the total music revenue. Overall, indicating a healthy surge for the record industry in the country.
Interestingly—subscriptions have grown further. NME also shared that in 2014, this sector recorded $215 million (£175 million), which raked up to $2.5 billion (£2 billion) today. Vinyl records also saw impressive growth, with 6.7 million discs sold last year, contributing $242 million (£196 million) to the market. Swift's latest album and re-recordings, like 1989 (Taylor's Version) also topped the charts.
But even this wasn't enough to shake off CD sales, which stood at $153 million (£126.2 million), and are still selling more in volume than vinyl.
This means that the UK music industry has bounced back from the lowest points of its fall in 2014. In the said year, recorded music revenue was at an all-time low of $1.3 billion (£1.03 billion). In comparison, the Digital Entertainment and Retail Association head, Kim Bayley, said that 2024 has been a "banner year" for the industry.
Although the growth is positive, the industry is still thriving to keep up compared to its peak in 2001 if inflation is considered. That year, the equivalent of $5.4 billion (£4 billion) was made, or $2.7 billion (£2.2 billion) without inflation.
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