UNITED KINGDOM (VIP-Booking) – The UK’s recorded music industry achieved significant growth in 2024, according to data from the British Phonographic Industry (BPI), based on Official Charts figures.
The analysis highlights new streaming records, a notable rise in female artists’ success, and a rebound in physical music sales.
UK recorded music consumption, including sales and streams, grew by 9.7% in 2024, reaching 200.5 million album equivalents. This marks the tenth consecutive year of growth in the sector.
The increase was largely driven by a strong 11.0% rise in streaming, which saw 199.6 billion audio streams in 2024. Streaming now accounts for 88.8% of UK recorded music consumption, up from 87.7% in 2023. In May, the Official Charts Company recorded more than 4 billion audio streams in a single week, a new milestone.
Streaming has more than doubled in the past six years, supported by record labels’ long-term investment in established and emerging artists. This investment and the UK’s robust copyright system have helped maintain the streaming market’s rapid growth.
Between 2018 and 2023, UK record labels invested over £2 billion in artist development and marketing. As a result, more artists than ever before are benefiting from streaming, with over 10,000 UK-based artists surpassing 1 million streams in 2023 alone. The success of streaming is now measured in hundreds of millions and even billions of streams for top artists.
2024 also saw record-breaking achievements for female artists, who excelled in singles and album sales. British acts dominated the charts while demand for physical album formats steadily grew.
However, despite these successes, the UK’s position as a leading force in the global music industry faces growing competition. Additionally, the ongoing government consultation on AI and copyright could pose challenges to British artists and rightsholders.
If the proposed changes go ahead, they may undermine the value of British music by allowing international tech companies to use artists’ work to train AI models without compensation or consent.
Dr. Jo Twist OBE, BPI Chief Executive, commented on the year’s achievements, “We’ve seen another strong year benefitting from streaming and driven by era-defining women. It’s clear that thanks to strong investment in diverse artists by record labels, paired with a world-class rights framework, British music has huge potential for continued growth and global impact.
“From Coldplay and Charli XCX to The Last Dinner Party and Myles Smith, there were plenty of examples of UK music success stories in 2024. However, domestic talent faces rising challenges in a rapidly changing and hyper-competitive global music economy.
“The UK’s creative output and human creativity are being placed at risk by proposed changes to British copyright law, which would allow international tech giants to train AI models on artists’ work without payment or permission and would be the wrong way to realize the exciting potential of AI. Meanwhile, streaming fraud is also a rising concern.
“By meeting the growing global challenge head-on, tackling challenges around AI, copyright and streaming fraud, and encouraging consumers towards viable models, like paid streaming subscriptions, we can help to ensure that the value of British music is protected and that our industry can continue to grow and flourish at home and around the world.
“The UK remains a world music power, but this status cannot be taken for granted: we need a supportive policy environment that puts the focus on human artistry and enables continued investment in the next generation of British talent.”
