British annual music exports increase to record high of £775 million as UK artists continue to rank among world’s biggest music acts

British recorded music exports continued to grow in 2023, as the success of British artists helped to take the annual total to a record high of £775 million. According to new figures released by the BPI, the trade association for the UK’s world-leading music companies and record labels, the value of UK recorded music sales and streams overseas increased by 7.6% year-on-year. 

Representing the highest level of annual exports since the BPI began its yearly survey of label overseas income in 2000 (£364m) and more than treble the amount of a decade ago in 2013 (£243m), the record figure came in a year that saw a wide range of UK musicians and groups rank among the world’s most-streamed artists.  But the increase of 7.6% is less than half of the growth reported in 2022 (20%), reflecting intensifying global competition from fast-growing music markets in other parts of the world, and demonstrating once more the need for close collaboration between industry and government to ensure that UK artists remain atop the world’s stage.     

The rise in overseas revenue puts the UK on track to deliver the BPI’s stated aim of £1 billion in annual UK recorded music exports by 2030. However, for this to be realised, it will require a supportive domestic policy environment that encourages record label investment in talent and helps maximise the overseas potential of UK recorded music, at a time of intensifying global competition. 

The BPI estimates UK artists now cumulatively account for less than 10% of global audio streams, whereas their collective share of global music consumption was estimated to be 17% as recently as 2015. While this still represents an outsized impact given the UK represents around 1% of the world’s population, the UK is now competing not just against traditional heavyweights such as the US and Canada, but fast-growing markets including those in Latin America and countries like South Korea, whose artists are achieving far-reaching international success thanks in part to significant government backing.  

Welcoming the record growth, but also highlighting the need for the UK to respond to intensifying global competition with a supportive investment environment, BPI Chief Executive, Dr Jo Twist OBE, said:  

“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.

If we are to maintain our proud record as a music superpower, UK 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 broad base of British music's appeal is well illustrated by 2023’s top 100 ranking for the most streamed acts globally, according to data by Luminate, which includes Adele, Arctic Monkeys, Dua Lipa, Ed Sheeran, Harry Styles and Lewis Capaldi as well as icons who first rose to prominence in the 1960s and 1970s, such as Queen, The Beatles and Elton John. Meanwhile, a broad range of UK artists achieved over 1 billion streams in 2023, including the likes of Central Cee, Glass Animals, PinkPantheress and Raye.

The UK 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 UK recorded music exports, accounting for almost 80% of the global total.  Overall, the ranking of the top 10 markets for UK music exports remained static, the major exception being China, which overtook Sweden to claim tenth position. All but one of the UK’s 10 leading export territories experienced growth, including its biggest market by some way, the U.S., where revenue improved by 8.3% year-on-year due in part to Top 10 hits by Dua Lipa and PinkPantheress, and Top 10 albums from Ed Sheeran, Gorillaz, and Sam Smith.  

In Europe, exports rose by 6.7% in Germany, the UK’s second biggest market, with increases of 7.3% and 5.9% in Spain and the Netherlands respectively. Other highlights included an 8.2% rise in Japan and 6.7% growth in Canada. The biggest percentage growth among its major markets came in India with a 26.3% increase in revenue, moving it to a ranking of 19^th among the UK’s 20 biggest overseas territories for recorded music. 

The UK’s success in 2023 stretched far beyond its biggest superstars, with around 500 British artists each accumulating over 100 million audio streams worldwide, an increase on 2022. This included two dozen acts – such as Beabadoobee, Dave, Bicep, and Wolf Alice - who were previously supported in their overseas marketing and promotion by the BPI-managed and joint industry and government-funded Music Export Growth Scheme (MEGS), which boosts British music exports by supporting small-to medium-sized music companies in building the careers of their artists in overseas markets.

The Government recently announced that funding for the scheme, which has successfully supported more than 350 artists in achieving on average a near 14-1 return on the investment they have received, is to be expanded by a further £3.2m over the next two years.