UK music exports generated £4 billion for the UK economy in 2022, a new report has revealed.
The findings have been published in UK Music’s annual economic report This Is Music 2023, which analyses ‘the huge economic contribution’ made by the UK music industry in 2022, as well as 2023’s emerging trends.
The report states that the £4 billion figure in question was aided by growth in recording and music publishing, as well as the continued return of international touring following the pandemic.
Significant international sales and streams by British artists (including Glass Animals and Harry Styles), performances of UK copyrighted compositions and master recordings, songwriting, music publishing and live shows by UK artists overseas have all been cited by UK Music as contributing factors.
According to UK Music member the BPI, UK music export growth in new markets in the Middle East, Africa and Latin America could put the UK on track for exports of £1 billion a year by 2030. British recorded music exports rose in value by more than £100 million year-on-year in 2022 to a new…