British recorded music exports have defied growing global competition to grow at a record rate in 2022 as UK artists dominate the biggest global airplay hits of the year.
The value of UK music sales and overseas broadcasts rose 20 per cent last year to £709m; A jump of over £100m in one year, it was the first time that figure had breached the £700m mark, according to new statistics from the British Phonographic Industry (BPI).
The trade association of music companies and record companies attributes the success to the breakthrough hits released last year by British artists and streamed on their services around the world.
“As It Was” by Harry Styles was the most streamed track globally of 2022, according to data from Luminate, with tunes by Glass Animals artists Dua Lipa, Elton John and Kate Bush near the top 10.
BPI’s interim chair Sophie Jones said the record export figures “represent an extraordinary achievement in the face of unprecedented competition on the global music stage” and put the UK on track to reach £1 billion in the country’s annual music exports by 2030.
“But for this growth to continue, the UK needs to remain a supportive environment for investment in music, and policymakers must continue to work with the industry to maximize the overseas potential of British music,” Jones explained.
She added that it was “encouraging” that the government had recently invested £3.2m in the Music Export Growth Program (Megs), an initiative run by the BPI that helps British artists advance their careers in overseas music markets.
Currently, the Megs scheme yields an ROI of approximately 14-1.
Exports Minister Lord Offord said Megs’ triple funding will ensure “the next generation of UK artists and SMEs can continue to support British music abroad, share our world-class British creations around the world, create jobs and grow the economy.” “
BPI also reported that emerging markets such as the Middle East, Africa and Latin America have seen significant increases in streaming users, resulting in a “double-digit growth” in music consumption.
Well-established markets also contributed to this growth, and the United States in particular showed a 28 percent improvement in revenue, driven by the favorable exchange rate for the US dollar.
“British music is breaking records around the world,” said Culture Minister Lucy Fraser, adding that the government was “investing millions to help the next generation of talent launch international careers and keep British artists at the top of the charts for years to come.”