Music retail sales revenue in the United Kingdom (UK) 2011-2023, by format

When thinking about tuning into the newest Taylor Swift song or checking out the long-awaited new album by the Rolling Stones, most people will automatically head to their preferred streaming platform rather than into a CD or vinyl shop. This easy accessibility and flexibility make music streaming so popular, which is reflected in the revenues generated by both formats. In the United Kingdom, the biggest music market in Europe, digital music retail sales revenue amounted to a whopping 1.8 billion British pounds, compared to 311 million pounds earned through physical music retail sales. Back in 2011, physical music sales were still dominating the market but were overtaken by music streaming for the first time in 2015.

The music market in the UK

As in most music markets today, digital music is dominating the industry in the United Kingdom. Not only that, the UK is the biggest digital music market in Europe in terms of revenue. The UK reported a revenue of 1,7 billion U.S. dollars, followed by Germany with 875.4 million U.S. dollars. Considering the two digital formats, streaming and downloads, people seem to prefer music streaming. In 2023, music streaming generated nearly two billion U.S. dollars compared to 160.65 million U.S. dollars made by music downloads. Overall, the digital share of overall music sales in the UK made up 86 percent in 2022, showing the dominance of the format compared to older consumption mediums.

Who is consuming music in the UK?

Looking at the audience for music in the UK, it can be said that digital users are slightly more likely to be male, with 53.5 percent compared to 46.5 percent being women. Younger generations enjoy consuming music via streaming while their older counterparts use music streaming but also invest in physical copies of music. This is also reflected in the digital music streaming penetration, which is higher among younger age groups. The future of digital music is looking bright, with forecasts estimating that the industry will still grow in the coming years.