UK Music industry hits record £7.6 billion contribution to economy

The report reveals UK music export revenue in 2022 was £4 billion – a figure aided by growth in recording and music publishing, as well as the return of international touring.

The UK music industry also contributed £6.7 billion to the UK economy in 2022 in gross value added (GVA) and total employment in the music industry was 210,000.

Changes in the way UK Music collates data from the music sector mean that it is not possible this year to make direct comparisons with previous years.

As well as economic data on the music industry, This Is Music 2023 offers an analysis of 2022, emerging trends in 2023, and case studies – including one from Glass Animals’ manager.

UK Music Interim Chief Executive Tom Kiehl said:

“The UK music industry and its exports have grown beyond doubt to hit new heights, which is fantastic news in terms of our sector’s contribution to jobs and the economy.

“However, the competition for international markets is intensifying rapidly. The UK’s competitors are increasingly well funded and can often count on far more support from their governments.

“South Korea, Australia and Canada have invested heavily in music and cultural export offices to help grow their overseas markets.

“The UK has several successful export schemes, such as the Music Export Growth Scheme and the International Showcase Fund.

“However, we need far more support – otherwise we risk the UK being left behind in the global music race and that would be a bitter blow for music industry and a missed opportunity to grow our export market.”

Culture Secretary Lucy Frazer MP said:

 “Every gig, stream and studio session in 2022 played their part in this stellar year for the UK’s music industry – adding billions to our economy in the last year and supporting hundreds of thousands of jobs.

“We want to keep up the momentum by maximising the potential of this world-beating industry. We are investing millions to boost music venues, helping artists crack overseas markets and supporting the talent pipeline, while also working with the sector to tackle the challenges and opportunities posed by artificial intelligence.”

Minister for Exports Lord Offord said:

“British artists have a global reputation for creating, writing and producing amazing music, so it is fantastic news that UK music export revenue reached £4 billion last year.

“We are backing the UK music industry to thrive, helping deliver trade missions to markets like the US, Japan and India. We are also tripling funding for the Music Export Growth Scheme to ensure the next generation of UK artists and SMEs can continue to champion British music abroad.”

Exports were aided by sales and streams by British artists outside the UK, performance of UK copyrighted compositions and master recordings, songwriting, music publishing and live shows by UK artists overseas.