UK Music Industry Hits Historic $1 Billion Export Milestone in 2023 Despite Slower Growth
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London, England. Photo Credit: Jakub Klucký
British music industry exports reached a record $1 billion (£775 million) in 2023, growing by 7.6% year-over-year, according to British Phonographic Industry (BPI) data.
Key growth regions included:
- Latin America: 17.3%
- Africa: 11.1%
- Asia: 9.9%
- Middle East: 9.5%
North America and Europe remained dominant markets, accounting for 80% of total exports. The U.S. contributed $416.67 million (£320.9 million), leading all export markets with 8.3% growth.
Notable developments:
- China entered the top 10 export markets, replacing Sweden
- India showed remarkable growth of 26.3%, rising to 19th position
- All top-10 markets except Italy showed positive growth
- U.K. artists represent less than 10% of global streams
The industry remains on track to achieve the BPI's target of $1.3 billion (£1 billion) in annual exports by 2030, despite slower growth compared to 2022's 20% increase.
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