In 2023, UK recorded music exports increased by 7.6% year-on-year, reaching a record high, but this increase is not enough to offset the steady decline of the UK’s share of global music consumption.
This is according to data released by the National Bureau of Statistics british record industry (BPI), National Recording Music Industry Group.
BPI reports that last year, the UK signed/released records resulting in £775m ($964 million) outside their home country.
this Annual growth of 7.6% Export growth marks significant slowdown in export growth 20% The growth rate is expected to be in 2022, BPI noted.
It is also slower than overall growth in global recorded music revenue, according to the Global Recorded Music Trade Group international federation of food industryincreased Annual growth of 10.2% 2023.
The BPI estimates that British artists now account for approx. 10% Global music streaming.
On the one hand, given that the UK occupies approx. 1% Proportion of world population. However, this is a significant decrease from BPI estimates 17% Just in 2015.
one of the reasons british artist Is overseas market share likely to decline? their language.
Earlier this year, luminous 2024 mid-year report looks at Total global streaming market share Artists from different international markets during the first half of the year.
Luminate Discover Artists UK, US and Canada During this period, the global total streaming media market share experienced the largest annual decline. These three countries happen to be the most The largest marketplace for English-language recorded music.
British artists account for 7.90% Global streaming numbers decline in first half of 2024 8.49% The same period a year ago.
In contrast, artists from Mexico, Brazil and France Luminate said it had the largest year-over-year increase in total global streaming market share.
“The UK now has to compete not only with traditional heavyweights such as the United States and Canada, but also with fast-growing markets, including countries such as Latin America and South Korea, whose artists have achieved profound international success, in part because of government strong support, “This BPI said in a report released on Monday (October 21).
Reports say Britain is expected to meet BPI targets £1 billion UK recorded music exports are set to increase by 2030, but “requiring a supportive domestic policy environment to encourage labels to invest in talent and help maximize the Unlocking the overseas potential of British recorded music.
The UK’s declining share of music exports comes as musical phenomena such as K-pop, Latin and Afrobeats become increasingly popular around the world.
New data from Luminate shows that even in the United States, the popularity of English-language music is declining as Latin music takes up a larger share. In many European and Latin American countries, local-language music already dominates the hit charts.
This is not to say that Britain’s cultural influence and the income that comes with it have completely disappeared. A number of UK artists feature in Luminate’s 100 most streamed artists of 2023, including Adele, arctic monkeys, Dua Lipa, Ed Sheeran, Harry Stylesand Louis Capaldi.
However, it is worth noting that many of the performers in the top 100 – e.g. Queen, The Beatlesand Elton John – stems from the 1960s and 1970s, when Britain dominated pop music in a different way than it does today.
“If we are to maintain our proud record as a musical superpower, British music needs government support and a supportive policy environment that encourages investment in talent-led growth and puts human artistry at the heart of the creative process.”
Dr Jo Twist OBE, BPI
BPI highlights the benefits of government support for UK artists, pointing to support from 500 UK artists 100 million Last year or more streamed, two dozen were beneficiaries Music Export Growth Plan (MEGS) is managed by BPI and jointly funded by the music industry and the UK Government.
Among these artists are bibadubi, dave, bicepsand Wolf Alice.
The UK government recently announced additional funding for the scheme £3.2 million Over the next two years, MEGS returned 14 to 1 on money invested in artists.
The chief executive of BPI said: “It is encouraging to see British recorded music continuing to perform strongly on the world stage, but in the face of fierce global competition and with rival markets growing rapidly, we can and must do better.” Dr. Joe TwistOBE, said in a statement.
“If we are to maintain our proud record as a musical superpower, British music needs government support and a supportive policy environment that encourages investment in talent-led growth and puts human artistry at the heart of the creative process.”
In 2023, the US will remain the largest market for UK recorded music exports, accounting for £320.9m ($399 million),Depend on Annual increase of 8.3%.
Followed by Germany £63 million (up Annual increase of 6.7%), and France £44.1 million (up Annual increase of 2.4%).
The top 10 markets in 2023 are almost the same as in 2022, but China replaces Sweden in 10th place.
The fastest growing region for recorded music consumption in the UK is India. Annual increase of 26.3% Growth, ranked 19th.
The GBP/USD exchange rate in this article is based on the 2023 average exchange rate set by the IRS.global music business
