Spending on streaming subscriptions and physical sales hits £2.4bn as industry recovers from piracy and CD slump

• Analysis: The UK music industry is reporting record revenues. The reality is much gloomier

Music lovers spent a record £2.4bn on streaming subscriptions and physical music last year as the UK music industry finally recovers from the digital revolution that ushered in rampant online piracy and the slow death of the CD.

Subscriptions to streaming services such as Spotify, Amazon and Apple, and the revival in the popularity of vinyl, with sales increasing for 17 consecutive years, fuelled a 7.4% rise in music revenues to £2.38bn last year, according to the Entertainment Retailers Association (ERA).