UK music streaming revenues top £1bn for the first time

The UK music streaming market broke the £1bn barrier for the first time in 2024, new figures published by the British Phonographic Industry (BPI) reveal.

In part due to streaming platforms increasing their subscription prices, the combined revenue from subscription, ad-supported and video-streaming platforms totalled £1.02bn for the year.

This represents 68.01% of recorded music revenue, compared with 67.5% in 2023.

While revenue from streaming continues to grow, last year saw a slow-down in growth to 5.7%, from 8.4% the year before.

Since 2014, revenue from streaming has increased by more than 800%, making it the main format for recorded music. 

Growth in the physical music market slowed in 2024, with revenue from vinyl, CD and other physical formats increasing by 1.3% to £246.5m. This compares with a rise of 12.8% the year before, during a period of high inflation.

Revenue from vinyl LPs rose by 2.9% to £145.7m, while CD revenue fell by 0.5% to £96.7m.

BPI CEO Dr Jo Swift said: “After a decade of growth, it is all too easy to take for granted the success of UK recorded music and the vital role record businesses play in this, underpinned by copyright, by investing billions to nurture and promote diverse talent from across the UK.

“But in the face of intensifying global competition, it’s essential they’re empowered by a supportive policy environment to keep British artists on the world’s top step.”