Author: djfrosty

LONDON — Hit albums by Taylor Swift, The Weeknd and Sabrina Carpenter helped music sales in the United Kingdom reach a record high in 2024, exceeding the peak of the CD era in both revenue and volume for the first time, according to year-end figures from the Digital Entertainment and Retail Association (ERA). 
Overall music spending in the U.K. grew to £ 2.4 billion ($3 billion) last year, a rise of 7.4% on 2023 and comfortably surpassing the previous high of £2.2 billion ($2.7 billion at today’s currency rates) back in 2001 when Dido, Robbie Williams and David Gray were topping the British album charts.

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Driving the growth was a 7.8% year-on-year rise in paid-for streaming revenues, which climbed to just over £2 billion ($2.5 billion). Vinyl sales were up 10.5% to £196 million ($245 million), while CD sales were more-or-less flat with 2023 — when revenues increased for the first time in two decades — at £126 million ($157 million). Download sales fell 3.2% to £41 million ($51 million).

The biggest selling album in the U.K. last year was Taylor’s all-conquering The Tortured Poets Department with just under 784,000 equivalent sales, including almost 112,000 vinyl purchases, which also made it 2024’s biggest-selling vinyl album.

Behind Swift in the year-end U.K. album charts was The Weeknd’s The Highlights, followed by Carpenter’s sixth studio set Short N’ Sweet. Noah Kahan’s “Stick Season” was the year’s number one single, topping the British charts for seven weeks and selling 1.9 million equivalent units, the London-based organization reported Wednesday (Jan. 8).

Streaming now makes up 88.8% of music sales in the United Kingdom, a marginal 1.1% rise on 2023’s figure and more than double streaming’s share of the U.K. market six years ago, according to labels trade body BPI, which published its preliminary year-end listening figures last week.

BPI reports that just under 200 billion music tracks were streamed in the U.K. last year, up 11% on 2023’s total, with the equivalent of 201 million albums consumed across streaming, CD and vinyl sales, a year-on-year rise of 9.7%. Streaming alone generated the equivalent of 178 million album sales in 2024, says ERA.

ERA and BPI both use Official Charts Company sales data as the basis for their reporting, although the two organizations take different approaches to measuring the vitality of the recorded music business. ERA’s figures are based on retail spending in the U.K. alongside information provided by streaming services and label trade income, whereas BPI’s analysis measures music consumption levels. Both trade groups will publish their full annual reports later in the year.

The historic low point for the U.K. music industry came in 2013 when rampant piracy and a fast-eroding physical market saw sales fall to just over £1 billion (£1.2 billion in today’s currency). Since then, sales have more than doubled.  

“2024 was a banner year for music, with streaming and vinyl taking the sector to all-time-high records in both value and volume,” said ERA CEO Kim Bayley in a statement. She called last year’s retail sales figures “the stunning culmination of music’s comeback” and triumphantly declared: “We can now say definitively – music is back.”

According to ERA, combined physical sales totaled £330 million ($412 million) in the U.K. in 2024, up 6.2% on the previous 12 months, with CD and vinyl sales accounting for nearly 14% of music revenues. The benefits of such a “mixed physical-digital ecology” is key to the music’s industry’s revival, said Bayley.  

“We continue to believe that digital and physical channels are complementary and vital for the health of the entertainment market overall,” she said.

Overall, revenues across the U.K. entertainment market – comprising of music, video and games retail sales – were up 2.3% on 2023’s total to a record high of £12 billion ($14.9 billion), marking the 12th consecutive year of growth and an eighth successive all-time-high.

Of the three sectors, the growth of recorded music sales outpaced both video (comprising of video-on-demand subscription services such as Netflix, Amazon Prime Video, and DVD sales) and games, but music remains the smallest of the three entertainment industries in revenue terms.

Video was the largest sector with revenues growing 6.9% year-on-year to £5 billion. Games sales totaled £4.6 billion, down 4.4% on 2023 but still nearly twice as large as the recorded music business.

ERA has been reporting on the U.K. entertainment industries since 1999 when music, video and games sales totaled £4.1 billion ($5.1 billion).