U.K. MUSIC EXPORTS HIT £4B

U.K. music exports generated £4b (nearly $5b) in 2022, aided by growth in recording and publishing, as well as the return of international touring, according to a report from trade body UK Music.

Last year, the U.K. music industry reportedly contributed £6.7b to the U.K. economy in GVA. Total employment was 210k.

Changes in the way the data is collected means direct comparisons to previous years aren’t reliable. When taking into account the change in methodology, UK Music says 2022 “outperformed" the last pre-COVID year of 2019 by a "significant margin to produce its best year ever.”

“We know this from assessing various contributing metrics, including revenue figures.”

UK Music Interim Chief Exec Tom Kiehl praised the results but called for more Government support to ensure the U.K. remains competitive globally. “The competition for international markets is intensifying rapidly,” he said. “The U.K.’s competitors are increasingly well funded and can often count on far more support from their governments.

“South Korea, Australia and Canada have invested heavily in music and cultural export offices to help grow their overseas markets. We need far more support—otherwise we risk the U.K. being left behind in the global music race and that would be a bitter blow for the music industry and a missed opportunity to grow our export market.”