Adele, Harry Styles Help Boost U.K. Music Exports in 2023, But Global Competition Slows Growth
Written by djfrosty on October 21, 2024
Global superstars like Adele, Harry Styles and Ed Sheeran helped British music exports climb to a record high of £775 million ($974 million) last year, though increasing competition from other international markets such as Latin America and South Korea is putting the U.K.’s long-held status as a “music superpower” at risk, according to labels trade body BPI.
BPI, which represents over 500 independent labels, as well as the U.K. arms of Universal Music Group, Sony Music Entertainment and Warner Music Group, says 2023’s export tally is the highest annual total since the organization began analyzing labels’ overseas income in 2000 and more than three times the amount recorded a decade ago.
However, last year’s 7.6% rise in export sales — comprising all physical music sales and streams of U.K. artists overseas — was less than half of the 20% increase reported in 2022, with BPI estimating that artists from the U.K. now account for less than 10% of global music streams, according to figures released Monday (Oct. 21).
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In comparison, as recently as 2015, U.K. artists were estimated to collectively account for 17% of music consumption worldwide, reports BPI, which bases its numbers upon label trade revenue.
“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,” said BPI CEO Jo Twist in a statement.
BPI said the U.K. was no longer just competing against traditional “heavyweights” such as the U.S. and Canada but also with fast-growing music markets in Latin America and countries like South Korea where artists can receive significant government backing.
To maintain the U.K.’s “proud record as a music superpower,” said Twist, the British music businesses must receive government backing to create “a supportive policy environment” that encourages record label investment in talent. Future legislation around the use of artificial intelligence (AI) in the U.K. must keep “human artistry at the heart of the creative process,” added the BPI boss.
Adele, Dua Lipa, Sheeran, Styles, The Beatles, Queen and Elton John all ranked among the most streamed U.K. artists globally last year, said the London-based trade organization, citing Luminate data.
Breakthrough acts Glass Animals, PinkPantheress, Raye and rapper Central Cee all received more than 1 billion streams worldwide in 2023, while around 500 U.K. artists accumulated more than 100 million global streams last year, up from almost 450 in 2022, reports BPI.
Worldwide, consumption of British music increased in every region last year, with export revenues rising by 8.2% in North America and 4.8% in Europe — the two biggest regions for U.K. music exports, accounting for almost 80% of the global total combined. There were also double-digit increases in Latin America (up 17%) and Africa (up 11%), although equivalent monetary values were not provided.
In terms of countries, the U.S. remains the biggest market for U.K. music sales, accounting for £321 million ($417 million) in trade revenue, a rise of 8.3% on the previous year. Germany stays in second place with revenue climbing 6.7% to £63 million ($82 million), followed by France (up 2.4% to $57 million). China overtook Sweden to claim tenth position, with British acts’ earnings rising by 11% to £14 million ($18 million) in the country.
The U.K. is the world’s third-biggest recorded music market behind the U.S. and Japan with sales of $1.9 billion in 2023, according to IFPI. It is also the second-largest exporter of recorded music worldwide behind the U.S.