Music sales in the U.K. grew 9.6% to reach £2.2b in 2023, less than a tenth of a percent below the sector’s all-time high in 2001, according to preliminary figures from the Entertainment Retailers’ Association.

The 9.6% growth is nearly twice as fast as that achieved in 2022, when music sales grew 5%.

Streaming rose 9.8% in value last year to reach £1.86b and 84% of the market.

Physical sales increased 10.9% to £311m, significantly improving 2022’s 4% decline. Vinyl album sales grew 17.8% to reach £177.3m, while CD recorded its first rise in sales value for two decades, up 2% to £126.2m. Music downloads dipped 5.9% to £42.7m.

ERA CEO Kim Bayley called the results “a red letter day for the music industry” and “a testament not just to the creativity of artists, but to the entrepreneurial drive of digital services and retailers.”

“A world without streaming now seems unthinkable,” she continued. “Meanwhile the tenacity of physical retailers has driven not just the vinyl revival, but a surprise increase in the value of CD sales. Given all we’ve been through, it really doesn’t get much better than this.”