UK music exports generated £4 Bn in 2022 according to UK Music, the collective voice of the UK music industry representing all sectors of the industry. In their annual economic report, This is Music 2023, they set out the contribution made by the music industry to the UK economy. Their key findings were:
- UK music exports generated £4 Bn in 2022 – a figure aided by growth in recording and music publishing, as well as the return of international touring.
- Music industry’s contribution to UK economy was £6.7 Bn in gross value added (GVA) in 2022.
- Total UK music industry employment was 210,000 in 2022.
As well as economic data on the music industry, This Is Music 2023 offers an analysis of 2022, emerging trends in 2023, and case studies – including one from Glass Animals’ manager. Glass Animals’ track Heat Waves, first released in 2020, became a slow-burn hit, leading to it spending five weeks at number one on the Billboard Hot 100 in 2022. Harry Styles produced a series of global hits with his third solo album Harry’s House, which included writing credits for British writer Thomas Hull (aka Kid Harpoon).
Exports were aided by sales and streams by British artists outside the UK, performance of UK copyrighted compositions and master recordings, song writing, music publishing and live shows by UK artists overseas.
According to the BPI, a UK Music member, UK music export growth in new markets in the Middle East, Africa and Latin America could put the UK on track for music exports of £1 Bn a year by 2030. The BPI has reported British recorded music exports rose in value by more than £100 million year-on-year in 2022 to a new high of £709 million.
IFPI, which represents the global recording industry, found the global recorded music market grew by 9% in 2022. However, that growth was driven primarily by emerging markets in Asia, the Middle East and Latin America.
This Is Music 2023 is free and can be downloaded here.
