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UK Music Exports Reach Record in 2023
October23
British recorded music exports hit a record high of £775 million in 2023, up 7.6% from the pre
British recorded music exports hit a record high of £775 million in 2023, up 7.6% from the previous year, according to the BPI.
This growth, driven by artists like Adele, Ed Sheeran, and Lewis Capaldi, marks the highest export value since BPI began tracking in 2000.
However, the 7.6% increase is less than half of 2022’s growth (20%), reflecting intensifying global competition. UK artists now account for less than 10% of global audio streams, down from 17% in 2015.
Despite these challenges, the BPI aims to reach £1 billion in annual exports by 2030, emphasizing the need for government support and investment. UK music saw growth in all global regions, with the largest gains in Latin America (17.3%) and Africa (11.1%). North America and Europe remained the biggest markets for UK music exports, and China entered the top 10 export markets for the first time.
Around 500 UK artists accumulated over 100 million streams in 2023, including several supported by the Music Export Growth Scheme (MEGS), which will receive an additional £3.2 million in government funding.
BPI Chief Executive, Dr. Jo Twist OBE, called for a supportive policy environment to maintain the UK’s status as a global music powerhouse.
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