UK Recorded Music Revenue Reaches £1 Billion Amid Streaming Growth

The UK recorded music market achieved a significant milestone in 2024, with revenues rising 4.8% year-on-year to £1.49 billion, marking a decade of continuous growth, according to the British Phonographic Industry (BPI). Streaming revenue surpassed £1 billion for the first time, reaching £1.02 billion and accounting for 68.1% of total music revenue, although the growth rate slowed to 5.7% from 8.4% the previous year. Despite the overall revenue increase, inflation-adjusted figures show that the market remains significantly lower than levels seen in 2006. The BPI emphasized the need for a supportive policy environment to combat growing international competition and concerns regarding proposed changes to copyright laws that could impact artists. Additionally, while physical music sales saw modest growth, they still lagged behind the surging streaming sector. The data underlines the ongoing transformation of the music industry, heavily influenced by streaming services and evolving market dynamics.