British Music Exports Hit £775M Record in 2023, Despite Slower Growth Rate
British music industry exports reached a record £775 million ($1 billion) in 2023, growing 7.6% year-over-year according to the British Phonographic Industry (BPI).
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Key Export Market Highlights:
- North America and Europe dominated with 80% of total exports
- U.S. remained the largest market at £320.9 million ($416.67 million)
- China entered the top 10 markets, replacing Sweden
- India showed strong growth of 26.3%, rising to 19th position
Regional Growth:
- Latin America: 17.3%
- Africa: 11.1%
- Asia: 9.9%
- Middle East: 9.5%
Despite the record figures, growth slowed significantly from 2022's 20% increase. British artists currently account for less than 10% of global streams. However, the industry remains on track to meet the BPI's £1 billion ($1.3 billion) annual export target by 2030.
Notable developments in top-10 markets:
- Germany: +6.7%
- Canada: +6.7%
- Japan: +8.2%
- Australia: +3.4%
- U.S.: +8.3%
- Italy: -3.7% (only decline among top markets)
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