UK music revenues rise for 8th consecutive year, says BPI

UK recorded music revenue rose in 2022 for the eighth successive year, according to the latest music industry figures. 

Statistics from the BPI revealed that revenue from recorded music was up by 4.7 percent year-on-year to reach £1.32 billion. 

Growth in 2022 was driven by rocketing streaming revenues, which rose 6.3% year-on-year to £885 million and now account for 67.2% of industry revenue. 

According to the BPI, “the rate of streaming growth and record label investment in A&R and marketing is enabling a great many more artists to succeed through music”. 

James Brister, ICMP Industry Liaison Manager, said:

It’s fantastic to see these new figures from the BPI underlining how the industry is in great health thanks to the buoyant sales of physical music and streaming." 

"Although there is still work to be done around the industry's streaming model and how artists are paid, it's very satisfying to see that the industry is growing and creating more opportunities for ICMP students and graduates. As an aspiring industry professional, artist, musician or entrepreneur, it’s clearly a great time to launch an industry career."

Sophie Jones, BPI Chief Strategy Officer and Interim CEO, said: “The hard work and creativity of UK artists and labels meant that 2022 was another great year for British music.

We must guard against any complacency in the face of growing challenges and keep promoting and protecting the value of music."

"That’s why labels continue to innovate and invest in new talent and areas to connect more artists and fans while driving additional revenues."

The £1.32 billion figure is up by 36% on the £968.6 million reported in 2017.

Over the 12 months, overall revenue from the consumption of music on physical formats fell 10.5% to £215.7 million, with rising revenue of £119.5 million from the purchase of albums on vinyl up 3.1% helping to offset a 23.7% drop in CD revenue to £89.5 million.  

Vinyl now accounts for more than half (55 percent) of revenue from music on physical formats, and the BPI can officially confirm that in 2022 vinyl generated more trade revenue than CD for the first time since 1987. 

Visit the BPI’s website to find out more.