British recorded music exports experienced significant growth in 2022, surpassing previous records despite intensifying global competition.
Figures published by the BPI, the trade association representing the U.K.’s leading music companies and record labels, reveal a 20% increase in the value of U.K. music sales and streams internationally, reaching £709 million ($901.5 million). This surge signifies a jump of over £100 million within a single year.
This marks the highest level of annual exports since 2000, when the BPI initiated its annual survey on labels’ overseas income. The milestone occurred during a year when U.K. artists dominated the most-streamed tracks worldwide. Harry Styles’ “As It Was” claimed the title of the most-streamed track globally in 2022, according to data from Luminate. Glass Animals’ “Heat Waves” secured the second position on the list. Additionally, Elton John and Dua Lipa’s collaboration “Cold Heart (PNAU Remix)” and Ed Sheeran’s “Shivers” also placed within the year’s Top 10.
The success story extends beyond the U.K.’s global superstars. In 2022, over 400 British artists amassed more than 100 million audio streams of their music worldwide. Among them, nearly two dozen artists received support through the Music Export Growth Scheme (MEGS), managed by the BPI. MEGS assists small-to-medium-sized independent music companies in nurturing artists’ careers in overseas markets. The U.K. government recently announced plans to triple funding for the scheme, from its current rate, totalling £3.2 million over the next two years. This decision aligns with the Creative Industries Sector Vision, highlighting the scheme’s return on investment and its support for over 300 artists.
2022 witnessed double-digit percentage growth in physical and digital download sales, streams, and other forms of British music consumption across all regions worldwide. This is notable given the fiercely competitive nature of the global streaming economy. Emerging music markets, such as the Middle East (+59%), Africa (+48%), and Latin America (+38%), experienced substantial growth in streaming user bases. Established markets also displayed an increase in U.K. music consumption, with North America (+28%), Europe (+11%), Asia (+17%) and Oceania (+16%) all contributing to the upward trend.
Among the U.K.’s top 20 territories for recorded music, all but one experienced growth. The U.S., the largest market, saw a 28% year-on-year revenue improvement. This growth can be partially attributed to the strong value of the U.S. dollar against the pound, a trend that was mirrored in other foreign currencies against sterling. It also reflects the success of U.K. artists in the U.S. Alongside their global crowns, Harry Styles and Glass Animals claimed the top two spots for the most popular tracks on audio streaming services in the U.S. in 2022, while British acts like Adele, Coldplay, Kate Bush and Sam Smith also enjoyed success in the American market.
Although the U.K.’s second-largest market, Germany, experienced a more modest 4% increase in music exports, double-digit percentage growth was observed in France (+15%), Australia (+17%), Canada (+30%), the Netherlands (+15%), Italy (+18%), Spain (+14%), and Brazil (+47%). India recorded the most substantial percentage growth, with a 130% year-on-year increase in revenue, establishing it as one of the U.K.’s top 20 overseas markets for recorded music. Only China, among the U.K.’s top 20 markets, saw a decline of 2% compared to the previous year.
Overall, this surge in overseas revenue sets the U.K. on track to achieve the BPI’s ambitious goal of reaching £1 billion in annual recorded music exports by the end of the decade. Within five years, yearly revenues have already grown by over 70%.
BPI chief strategy officer and interim chief executive, Sophie Jones, said: “These record export numbers by U.K. labels represent an exceptional achievement in the face of unprecedented competition on the global music stage, both from long-established and rapidly-expanding new music markets. They put us on course to reach our goal of £1 billion in annual U.K. music exports by the end of the decade, but for this growth to continue the U.K. needs to remain a supportive environment for investment in music, and policy makers should continue to work with industry to maximize the overseas potential of U.K. music.”
U.K. culture secretary Lucy Frazer added: “From global superstars to emerging artists, British music is breaking records across the world. The government wants to support them every step of the way and we’re investing millions to help the next generation of talent launch international careers and keep U.K. artists at the top of the charts for years to come.”
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