Boom in Music Sales Fails to Reach UK Artists

In 2024, music sales reached their highest numbers in 20 years. Over just 12 months, consumers generated £2.4 billion for the industry according to recently published statistics. Subscriptions to streaming platforms like Spotify and Apple Music account for 85% of this figure.

However, these platforms pay artists notoriously poorly. Spotify pays as little as £0.003 per stream, meaning a majority of artists are seeing no benefit from the rise in consumption. According to the Musician’s Union, just under half of all working musicians are turning over less than £14,000 a year.

For UK-based musicians, the situation is becoming increasingly difficult. With the recent rise in local grassroots venue closures, touring in the UK has become more challenging. After Brexit, touring in the EU has become even harder. Combined with the growing cost of living, UK artists are struggling to make any kind of profit.

However, it’s not all doom and gloom. Physical sales, such as CDs and vinyl, are growing steadily. The vinyl market alone grew by 10.5% in 2024, generating £196 million. This revenue reaches artists more directly and in much fairer percentages. There is certainly hope on the horizon for our artists.

Read the full NME article here.

You can help to improve artists’ revenue! If you’re a regular Spotify user, you may have delighted upon receiving last year’s Spotify Wrapped. Take a look at your top 5 artists from 2024 and consider buying merch from their website. That money goes directly to them and is an awesome way to say thanks for being the soundtrack to your year! Or, keep an eye out for Bandcamp Fridays, where 100% of revenue from each sale goes to its respective artist.