Global superstars such as Adele, Harry Styles and Ed Sheeran helped British music exports hit a record high of £775m ($974m) last year, although growing competition from other international markets such as Latin America and South Korea puts the United Kingdom. held its 'musical superpower' status at risk, according to trade body BPI.
The BPI, which represents more than 500 independent companies as well as the UK arms of Universal Music Group, Sony Music Entertainment and Warner Music Group, says the 2023 export tally is the highest annual total since the organization began analyzing the label's overseas revenue in 2000 and more. from three times the amount recorded a decade ago.
However, last year's 7.6% rise in export sales — which included all physical music sales and streams of UK artists abroad — was less than half the 20% increase reported in 2022, with the BPI estimating that artists from the UK now account for less than 10% of global music streams, according to figures released on Monday (21 October).
By comparison, as recently as 2015, UK artists were estimated to collectively account for 17% of global music consumption, says the BPI, which bases its figures on record label trade revenue.
“It's encouraging to see British recorded music continue to perform strongly on the world stage, but we can and must do even better in the face of tough global competition as competitive markets grow at pace,” said the BPI Chief Executive. Joe Twist in a statement.
The BPI said the UK is no longer only competing with traditional “heavyweights” such as the US and Canada, but also with fast-growing music markets in Latin America and countries such as South Korea where artists can receive significant government support.
To maintain the UK's “proud record as a music superpower”, Twist said, British music businesses must get government support to create a “supportive policy environment” that encourages record label investment in talent. Future legislation on the use of artificial intelligence (AI) in the UK must keep “human artistry at the heart of the creative process”, the BPI boss added.
Adele, Dua Lipa, Sheeran, Styles, The Beatles, Queen and Elton John were among the UK's most streamed artists globally last year, the London-based trade body said, citing data from Luminate.
Breakthrough acts Glass Animals, PinkPantheress, Raye and rapper Central Cee all received more than 1 billion streams worldwide in 2023, while around 500 British artists amassed more than 100 million global streams last year, up from almost 450 in 2022, the BPI reports.
Globally, consumption of UK music grew in every region last year, with export revenue up 8.2% in North America and 4.8% in Europe — the two biggest regions for UK music exports, accounting for almost 80% of the world total overall. There were also double-digit increases in Latin America (up 17%) and Africa (up 11%), although equivalent monetary values were not given.
In terms of countries, the US remains the biggest market for UK music sales, with £321m ($417m) in commercial revenue, up 8.3% on the previous year. Germany remains in second place with revenue up 6.7% to £63m ($82m), followed by France (up 2.4% to $57m). China overtook Sweden to claim tenth place, with earnings for British actors rising 11 percent to £14 million ($18 million) in the country.
The UK is the third largest recorded music market in the world behind the US and Japan with sales of $1.9 billion in 2023, according to the IFPI. It is also the second largest exporter of recorded music worldwide behind the US
