British Music Exports Hit Historic $1 Billion Milestone in 2023, Despite Slower Growth Rate
British music industry exports reached a record $1 billion (£775 million) in 2023, growing 7.6% year-over-year, according to British Phonographic Industry (BPI) data.
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Key Export Market Growth:
- Latin America: 17.3%
- Africa: 11.1%
- Asia: 9.9%
- Middle East: 9.5%
North America and Europe remained dominant markets, accounting for 80% of total exports. The U.S. contributed $416.67 million (£320.9 million), significantly outperforming other markets with 8.3% growth.
Notable Developments:
- China entered the top 10 export markets with 11.3% growth ($17.66 million)
- India showed remarkable growth of 26.3%, reaching 19th position
- All top-10 markets except Italy showed positive growth
Despite the record figures, the 7.6% growth rate marks a significant decrease from 2022's 20% growth. British artists currently account for less than 10% of global streams. However, the industry remains on track to achieve its target of $1.3 billion (£1 billion) in annual exports by 2030.
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