UK Recorded Music Industry Revenue Topped $1.8 Billion in 2023 As Vinyl Growth Approached 19%, BPI Data Shows
London, England. Photo Credit: Henry Be
The UK recorded music industry grew for the ninth consecutive year during 2023, when revenue approached $1.82 billion, according to newly released data. The British Phonographic Industry (BPI) today revealed the numbers behind the UK music industry in 2023, when revenue increased by 8.1 percent year over year (YoY) to near the mentioned $1.82 billion (ÂŁ1.43 billion).
Within that recorded-specific figure, which reflects the current dollar-pound exchange rate, the BPI attributed $1.05 billion/ÂŁ826.8 million to streaming subscriptions (also up 8.1 percent YoY) and $91.14 million/ÂŁ71.5 million to ad-supported streaming (up 12.4 percent YoY).
Rounding out the digital side, the BPI identified $33.14 million/ÂŁ26 million in the permanent downloads category (down 5.8 percent YoY) and $1.40 million/ÂŁ1.1 million attributable to other sources including ringtones.
Regarding streaming volume, the trade organization said that 2,245 artists had topped 10 million domestic streams apiece on the year â an increase of about 17 percent from 2021. Now boasting just shy of 1.85 billion streams on Spotify alone, Miley Cyrusâ âFlowersâ racked up the most UK plays of any work in 2023, at 198.1 million across audio as well as video, the BPI relayed.
Shifting to the physical front, vinyl, in keeping with its long-running resurgence, brought in $180.51 million/ÂŁ141.6 million (up 18.6 percent YoY), the breakdown shows, with new releases such as Taylor Swiftâs 1989 (Taylorâs Version) having fueled the double-digit spike.But CDs, at $123.91 million/ÂŁ97.2 million, achieved a 5.4 percent YoY boost of their own â against 12.6 YoY growth for other physical formats such as cassettes ($5.74 million/ÂŁ4.5 million total).
Lastly, the organization attached $50.35 million/ÂŁ39.5 million (down 7.6 percent YoY) to the sync category, the precise contents of which remain a subject of debate, for 2023. UK music industry (recorded) public performance revenue, on the other hand, grew 7.3 percent YoY to $196.97 million/ÂŁ154.5 million, per the report.
Addressing the UK music industry results for 2023, BPI CEO Jo Twist said: âLed by streaming, this ninth consecutive annual rise in recorded music revenues highlights how a balanced and prosperous market enabled by significant label investment can help even more artists to succeed.
âIt would be all too easy to take this growth for granted, but at a time when British music faces unprecedented competition from around the world and challenges at home, itâs vital the right conditions remain in place here to give British music every opportunity to thrive,â concluded the former UKIE head.
Earlier this month, the German Music Industry Association (BVMI) disclosed a 6.6 percent YoY revenue improvement, to $1.15 billion (âŹ1.06 billion), for the European nationâs recorded music market during 2023âs initial half.
Bigger picture, growth in these and other states translated into solid revenue improvements for each of the major labels (Universal Music, Sony Music, and Warner Music) during 2023âs fourth quarter.
