London, England. Photo Credit: Jakub Klucký
British music industry exports cracked a record high in 2023 despite a relatively slow year-over-year growth rate of 7.6%, according to new data.
That just-released data comes from the British Phonographic Industry (BPI), which pointed to over $1 billion (£775 million) in 2023 recorded music revenue attributable to domestic acts’ international sales and streams.
Behind the figure, the trade organization indicated that international British music industry recorded revenue had grown in every region during the year, referring specifically to 17.3% YoY growth in Latin America, an 11.1% YoY improvement in Africa, 9.9% in Asia, and 9.5% in the Middle East, to name a few.
Unsurprisingly, though, North America and Europe were still the largest export markets for U.K. music last year, representing almost 80% of the mentioned sum together, per the BPI. The U.S. itself kicked in $416.67 million/£320.9 million, far more than the combined total of the nine countries beneath it on the U.K.’s 2023 list of top-10 export markets by value.
Running with that list, each top-10 nation save Italy (down 3.7% YoY) turned in a modest YoY import-revenue expansion, including 6.7% for both Germany and Canada, 8.2% for Japan, 3.4% for Australia, and 8.3% for the U.S., according to the resource.
Even with a general lack of movement in these top-10 export markets’ rankings – in terms of the top-10 overall recorded music spaces, the IFPI reported zero rankings shifts at all for 2023 – China (11.3% YoY growth to $17.66 million/£13.6 million) did supplant Sweden, thereby claiming the number-10 spot, the BPI relayed.
Meanwhile, certain “major” markets outside the top 10 posted substantial jumps in British recorded music industry imports last year – the most noteworthy being India, which, with a 26.3% YoY spike, is now ranked 19th on the U.K.’s list of export nations by value, the breakdown shows.
Shifting the focus to the bigger picture, the British music industry remains on track to hit a previously disclosed BPI goal of $1.3 billion/£1 billion in annual exports by 2030, the organization relayed.
However, 2023’s 7.6% YoY export improvement is noticeably smaller than 2022’s 20% YoY boost, the entity emphasized as well, with U.K. artists accounting for an estimated total of less than 10% of worldwide streams.
Taken as a whole, the mixed-bag results appear solid enough. On the streaming-volume front, the respective consumption shares of established markets’ releases and domestic fans will undoubtedly continue to slip moving forward amid material listenership increases in emerging music sectors. (Judging by Luminate’s 2023 data, the noted India could well overtake the U.S. for the top spot on the 2024 list of countries by on-demand streaming volume.)
Furthermore, notwithstanding its significant influence in music (and broader culture), the U.K. is, after all, home to only about 68 million individuals. And it goes without saying that unpredictability is inherent when it comes to breakout artists and especially worldwide hits.
