British Music Exports Hit All-Time High of $1 Billion in 2023, Though Growth Rate Slows
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British music industry exports reached a record $1 billion (£775 million) in 2023, growing 7.6% year-over-year, according to the British Phonographic Industry (BPI).
Key regional growth highlights:
- Latin America: 17.3%
- Africa: 11.1%
- Asia: 9.9%
- Middle East: 9.5%
North America and Europe remain the dominant markets, accounting for 80% of total exports. The U.S. alone contributed $416.67 million (£320.9 million), significantly outperforming all other markets.
Notable market developments:
- China entered the top 10 export markets with 11.3% growth ($17.66 million)
- India showed remarkable growth of 26.3%, rising to 19th position
- All top 10 markets except Italy showed positive growth
The industry remains on track to achieve its 2030 target of $1.3 billion (£1 billion) in annual exports, despite slower growth compared to 2022's 20% increase. British artists currently account for less than 10% of global streams.
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