‘This is Music 2024’ reveals record growth for UK music industry

At BIMM Music Institute, we’re here to help you build all the practical and entrepreneurial skills you need to launch your music career. The UK’s music scene continues to expand: ‘This is Music 2024’ shows that music has contributed a record £7.6 billion to the economy, £4.6 billion in exports, and 216,000 jobs in 2023.

There’s never been a better time to make your mark. The annual ‘This is Music’ report outlines the impact of music on the economy and has become a trusted source for understanding the nation’s music industry. This 2024 edition shows that income from musical composition has increased, along with recorded music and live performance revenues.

This is Music 2024 headline stats

Resilience and challenges

UK Music Chief Executive Tom Kiehl praised the industry’s ability to adapt and grow despite challenges like the pandemic, unregulated AI, and the impact of Brexit on touring. He also called for government action on issues like ticket resale and visa-free touring to secure the industry’s future.

Growth across the board

• Recorded music: Revenues hit £1.2 billion in 2023, up 8.8%, with streaming leading the charge. Physical formats are also enjoying a resurgence, with vinyl sales up 18.6% and CDs increasing 5.4%.
• Live performance: International touring and live music revenues continue to recover and grow, despite ongoing logistical hurdles.
• Music publishing: Exports reached £4.6 billion in 2023 – a 15% increase from 2022. This growth was fueled by strong performance across all major international markets and revenue streams, including live music, digital platforms, and broadcasting.

Looking ahead

BIMM’s Pro Vice-Chancellor David Rowe shared his optimism for the future of the UK music scene:

“As this report shows, the UK music industry is growing in value at home and abroad. This fuels employment prospects for our BIMM graduates as they enter an exciting and rapidly-evolving workplace.”

At BIMM, we’re all incredibly proud to help the next generation of artists and professionals shape the future of music. We look forward to sharing more inspiring stats with you next year.