It’s music’s world and we’re all living in it! Streaming and the vinyl revival have led music revenues to an all-time high that’s the best result for music since the CD era with sales exceeding £239m!

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— ERA (@ERALTD) January 8, 2025

ERA CEO Kim Barkley was featured on the company’s article revealing the figures:

“2024 was a banner year for music, with streaming and vinyl taking the sector to all-time-high records in both value and volume. This is the stunning culmination of music’s comeback which has seen sales more than double since their low point in 2013. We can now say definitively – music is back.”

And music is back, but the era of streaming doesn’t necessarily exclude great sales of CDs, vinyls and cassettes. CEO Kim Barkley in fact believes that the two go together, and says:

“With nearly 14% of revenues still coming from physical, music shows the benefits of having a mixed physical-digital ecology, we continue to believe that digital and physical channels are complementary and vital for the health of the entertainment market overall.”

Kiehl reports, “A decade which began with the pandemic, causing much devastation to the sector, has seen a resilient music industry emerge,” he says. “International appetite for UK music remains strong, with exports growing by 15% to £4.6 billion.” The news is good, considering the pandemic’s toll on every aspect of society. In the official report it was also said that for 2023, employment rates in music had a 3% increase on the previous year – that means more than 216,000 people were working in the music industry at the time of the report.

On Brexit and it’s impact on touring, the report says “For developing artists building their international profiles for the first time, the impacts of Brexit have been a catastrophe”. According to Complete Music Updates, some statistics on those impacted by Brexit include: 71% said they aren’t invited as often to perform in EU countries, 57% said that when they are invited to perform they reject simply because they cannot afford to go, with 41% saying touring the EU is no longer an option.

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This news comes after many reports concerning the struggles of the UK music industry from the issues facing grassroots music venues and nightclubs to the initiatives to entice the government into action to help. Earlier this year it was reported that 65 nightclubs had closed down since the start of 2024 and according to The Guardian, 125 grassroots venues shut across the UK last year and over 350 are at risk of the same fate.

Kiehl reiterates, “This is not a time to be complacent,” says Tom Kiehl. “This is Music 2024 tells the story, based on real evidence and data from across the sector, that despite some very strong headline figures in 2023, the UK music industry has vulnerabilities too.”

So at the top end of the UK music industry, there is immense growth, which the Culture Secretary, Lisa Nandy, has put down to “global superstars like Harry Styles and Adele, internationally-renowned festivals like Glastonbury and Parklife and a huge range of vibrant subcultures”. She also said that “the music industry is a real British success story [and] these impressive new figures underline how vitally important it is to driving growth – as it boosted its value to our economy by nearly a billion pounds in one year”.

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This is Music 2024 also includes a manifesto of four main aims, which according to the PRS for Music official Instagram are as follows:

1. Regulate AI to protect and promote human creativity.

2. Ensure every child and young person across the UK has access to free music making.

3. Cap secondary ticket resale prices.

4. Visa-free touring for musicians & crew.

However, the sheer amount of issues facing lesser known, or grassroots, festivals and venues is telling. There is still much to be done and hopefully with the help of schemes and the continual effort to gain public and Government support the situation will improve by the next This is Music report. The full report can be found here.