British recorded music exports leap 20% to surpass £700 million yearly for the primary time as UK artists led by Harry Types and Glass Animals dominate the yr’s greatest world streaming hits regardless of rising worldwide competitors.
New BPI evaluation reveals British recorded music exports elevated in worth by 20% year-on-year in 2022 to a brand new excessive of £709 million. Backed by label assist, success was pushed by established and breaking UK expertise, together with Harry Types and Glass Animals, who had been behind the highest two most-streamed tracks globally in 2022.
Practically two dozen artists funded by the Music Export Progress Scheme (MEGS) for unbiased artists every amassed over 100 million audio streams yearly. The leap in abroad income was boosted by development in new markets throughout the Center East, Africa, and Latin America alongside extra established territories and has put the UK on monitor to ship the BPI’s goal of annual British music exports of £1 billion by the top of the last decade.
Representing the best annual export degree since 2000, when the BPI started its yearly survey of label abroad earnings, the document determine got here in a yr when UK artists had been behind a number of the most important tracks streamed on providers worldwide. “As It Was” by Harry Types was the most-streamed monitor globally of 2022, in response to knowledge from Luminate, with “Warmth Waves” by Glass Animals at No. 2. They had been joined within the yr’s High 10 by Elton John, Dua Lipa, and Ed Sheeran.
All however one of many UK’s 20 main territories for recorded music skilled development, together with its greatest market within the US, the place income improved by 28% year-on-year. Whereas this development was partially enhanced by the substantial worth of the US greenback in opposition to the British pound, a state of affairs mirrored elsewhere with different foreign currency echange in opposition to sterling, it additionally mirrored important success by UK artists abroad.
That once more included Harry Types and Glass Animals, with the 2 hottest tracks on audio streaming providers within the US in 2022, whereas different notable British successes there included Adele, Coldplay, Kate Bush, and Sam Smith.
Whereas music exports rose by a comparatively modest 4% in Germany — the UK’s second-biggest market — there have been double-digit proportion will increase in France (15%), Australia (17%), Canada (30%), Netherlands (15%), Italy (18%), Spain (14%), and Brazil (47%). Probably the most important proportion development occurred in India, with a 130% year-on-year improve in income, establishing it as one of many UK’s 20 greatest abroad markets for recorded music. Solely China, among the many UK’s High 20 markets, was down on the yr, dropping 2%.
“These document export numbers by UK labels symbolize an distinctive achievement within the face of unprecedented competitors on the worldwide music stage, each from long-established and quickly increasing new music markets,” says Sophie Jones, BPI Chief Technique Officer and interim CEO.
“They put us on the right track to achieve our objective of £1 billion in annual UK music exports by the top of the last decade, however for this development to proceed, the UK wants to stay a supportive surroundings for funding in music, and policymakers ought to proceed to work with trade to maximise the abroad potential of UK music.”
“It was, subsequently, encouraging that we just lately achieved extra funding of £3.2 million over the following two years for our profitable Music Export Progress Scheme, which has already backed the worldwide careers of a whole lot of unbiased UK artists and might now assist much more of them,” Jones continues.
“MEGS has performed an integral function in driving our export numbers with a excessive variety of artists who’ve obtained funding now having fun with substantial and sustained streaming success in abroad markets. This, in flip, is delivering for the UK financial system.”