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British recorded music exports rose to a record high of £775m in 2023, according to BPI analysis. The figure represents year-on-year growth of 7.6%.
It’s the highest level of annual exports since the BPI began its yearly survey of overseas label income in 2000 (£364m) and more than triple the amount recorded a decade ago in 2013 (£243m).
However, the increase of 7.6% is less than half of the growth reported in 2022 (20%). This, says the BPI, reflects intensifying global competition from fast-growing music markets in other parts of the world and demonstrates the need for close collaboration between industry and government to ensure that U.K. artists remain highly visible.
The BPI estimates that U.K. artists now cumulatively account for less than 10% of global audio streams. Their collective share of global music consumption was estimated to be 17% as recently as 2015.
“It is encouraging to see British recorded music continuing to perform strongly on the world stage, but we can and must do even better in the face of fierce global competition as rival markets grow at pace," BPI Chief Executive Jo Twist, said. "If we are to maintain our proud record as a music superpower, U.K. music needs government backing and a supportive policy environment which encourages investment in talent-led growth, and keeps human artistry at the heart of the creative process.”
The Top 100 ranking for the most streamed acts globally last year, according to data by Luminate, includes British acts Adele (pictured), Arctic Monkeys, Dua Lipa, Ed Sheeran, Harry Styles and Lewis Capaldi, as well as icons such as Queen, The Beatles and Elton John.
BPI stats say that the U.K. saw growth in every global region in 2023, led by double-digit increases of 17.3% in Latin America and 11.1% in Africa. North America and Europe remained the biggest regions for U.K. recorded music exports, accounting for almost 80% of the global total.
In the U.S., revenue improved by 8.3% year-on-year due in part to Top 10 hits by Lipa and PinkPantheress and Top 10 albums from Sheeran, Gorillaz and Sam Smith.
