UK recorded music exports exceeded £700m for the first time in 2022, with all but one significant international market experiencing growth, according to new data.
Figures from the BPI, the trade association for the UK’s music companies and record labels, estimated that UK exports hit £709m in 2022, lifted by globally successful UK tracks. More than 400 British artists in total each accumulated over 100 million audio streams of their music worldwide in 2022. The 20 per cent increase on exports in one year was also helped by the impact of foreign currency movements against the pound.
Contributing to the UK's highest exports figures since the BPI began its annual survey in 2000, 'As It Was' by Harry Styles was the most-streamed track globally of 2022, according to data from Luminate, with 'Heat Waves' by Glass Animals at No.2. Other acts in the Top 10 included Elton John & Dua Lipa and Ed Sheeran.
There was a double-digit percentage increase in physical and digital download sales, streams and other consumption of British music in every region globally last year – a remarkable feat given the hyper-competitive nature of the global streaming economy. This was led by emerging music markets, including the Middle East (+59 per cent), Africa (+48 per cent) and Latin America (+38 per cent), where streaming user bases grew significantly in volume. UK music consumption also increased in more established markets, rising in North America (+28 per cent), Europe (+11 per cent), Asia (+17 per cent) and Oceania (+16 per cent).
All but one of the UK’s 20 leading territories for recorded music experienced growth, including its biggest market of the US where revenue improved by 28 per cent year-on-year.
More than two dozen of the UK acts with tracks streamed more than 100m times in 2022 have also benefited in their development from funding through the Music Export Growth Scheme (MEGS) – the BPI-managed scheme which supports small-to medium-sized independent music companies to build careers in overseas markets. As part of the Creative Industries Sector Vision agreed with the Creative Industries Council, funding for MEGS which has supported over 300 artists and achieves a near 14-1 return on investment, is to be tripled by a total of £3.2 million over the next two years.
Read more about UK exports here