UK music exports rose by 7.6 per cent in 2023 to an all-time high of £775m, a landmark achievement for the British music industry.
Yet, new data from the British Phonographic Industry (BPI) revealed that this growth in exports has slowed compared to 2022. Exports grew 20 per cent in 2022.
Over 500 UK artists were reported to have reached more than 100m international streams, contributing to the country’s strong global presence in the sector.
The UK’s music exports grew in every major region, with the largest increases found in Latin America (by 17.3 per cent) and Africa (11.1 per cent).
In Europe, exports boomed by 6.7 per cent in Germany, the UK’s second biggest market, with Spain rising 7.3 per cent, and the Netherlands 5.9 per cent.
Yet, the slump in growth reflects the rising challenge posed by global competition.
While the UK remains a top player in the field, it now only accounts for just shy of 10 per cent of global audio streams, down from 17 per cent recorded back in 2015.
The UK is now competing not just against traditional heavyweights such as Canada and the US, but also fast-working markets such as those in countries such as South Korea or within South America, whose artists achieve far-reaching global success thanks to government backing.
BPI’s chief executive, Jo Twist, said: “It is encouraging to see British recorded music performing strongly on the world stage, but we must do better in the face of fierce global competition as rival markets grow at pace”.
Twist also acknowledged the need for stronger domestic support: “UK music needs government backing and a policy environment that encourages investment in talent-led growth”.
The UK’s strong showing abroad contrasts with a music industry facing headwinds at home, with Sky News recently reporting financial uncertainty among major record labels and artists.
Yet, BPI is confident in its target of topping £1bn in music exports by 2030, as long as enough government support is given to bolster investment.