UK music exports top £700m for the first time 

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

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

Yearly revenues have grown more than 70 per cent 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 British artists notched up over 100m audio streams, with As It Was by Harry Styles the most-streamed track globally of 2022. 

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

Estimates suggest British artists account for around 10 per cent of global streams.

The US was the biggest importer, where the UK makes around £291million in revenues a year, and India had the largest growth, the UK making £6.5million in exports, which was up from £2.8million.

Transatlantic growth was bolstered 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 make £1billion a year by the end of this decade for recorded music exports. 

Sophie Jones, boss 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 that it said only benefited the biggest labels and superstar acts.

However, the competition watchdog found that although artists’ concerns were legitimate, especially regarding their cut of profits, intervening with the market was unnecessary.

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