UK music sales will reach a 20-year high of £2.4 billion in 2024, boosted by pop megastar Taylor Swift’s newest album and spurred by streaming and the vinyl resurrection, according to estimates.
According to yearly numbers from the digital entertainment and retail group ERA, recorded music revenues have achieved an all-time high, surpassing those of the CD era peak.
Total consumer spending on recorded music, including subscriptions and purchases, surpassed the previous high of £2.2 billion set in 2001, according to ERA.
Revenue from streaming services such as Spotify, YouTube Music, and Amazon increased by 7.8% to little over £2 billion.
Almost £200 million was spent on vinyl records, representing a 10.5% yearly increase, while CD album revenues remained unchanged at slightly over £126 million.
Swift’s The Tortured Poets Department was the year’s best-selling album, thanks in part to her record-breaking Eras world tour.
More than 783,000 copies were sold, including approximately 112,000 of them on vinyl, making it 2024’s best-selling vinyl record.
Noah Kahan’s Stick Season was the year’s largest single, with 1.99 million sales.
According to ERA CEO Kim Bayley, 2024 was a “banner year for music,” with streaming and vinyl driving the sector to all-time highs in both value and volume.