UK music exports top £700m for the first time 

UK music exports have passed the £700 million mark for the first time as artists such as Dua Lipa and Harry Styles dominate the global streaming charts.

The value of foreign revenue rose by a fifth in 2022, up £100m from 2021 to £709m, according to analysis by the British Phonographic Industry (BPI).

Annual sales have grown by more than 70 percent in five years.

Hits were boosted by growth in the Middle East, Africa and Latin America, through streaming platforms such as Spotify and Apple Music.

More than 400 UK artists amassed over 100 million audio streams, with As It Was by Harry Styles the most streamed song worldwide in 2022.

Tunes from Sir Elton John and Dua Lipa with Cold Heart, and Ed Sheeran’s song Shivers were also great triumphs.

Estimates suggest that UK artists account for around 10 percent of global streams.

The US was the largest importer, where the UK earns about £291 million in revenue per year, and India had the largest growth, the UK earning £6.5 million in exports, which was an increase of £2.8 million.

Transatlantic growth has been supported by the strong value of the US dollar against the pound, with significant success from stars such as Adele, Coldplay and Kate Bush, meaning the UK is on track to reach £1bn by the end of this decade per year from recorded music exports.

Sophie Jones, head of the BPI, said: “These record numbers represent an exceptional achievement in the face of unprecedented competition.”

But the music industry has been in the spotlight since a cross-party committee of MPs called for a “complete reset” of a streaming model it said only benefited the biggest labels and superstars.

However, the competition watchdog felt that while performers’ concerns were legitimate, especially with regard to their profit cut, market intervention was unnecessary.

Universal Music, Warner Music and Sony Music control about 70 percent of the UK streaming industry.