According to the British Phonographic Industry (BPI), the UK recorded music trade revenue for 2022 increased by 4.7% year-on-year to reach £1.32 billion.
This figure includes revenue from sync and public performance and marks an eighth consecutive year of growth, up by 36% compared to the £968.6 million reported in 2017. However, when adjusted for inflation, the figure falls short of the total reported in 2006 (the first year, which includes sync and public performance).
Streaming revenues rose 6.3% year-on-year to £885 million, representing 67.2% of industry revenue, an increase from 66.2% in 2021. Physical formats revenue from music consumption decreased by 10.5% to £215 million over the 12 months, with vinyl album revenue of £119.5 million, up 3.1%, offsetting a 23.7% decline in CD revenue to £89.5 million. Vinyl now accounts for 55% of the revenue derived from music on physical formats. The BPI confirmed that in 2022, vinyl generated more trade revenue than CDs for the first time since 1987.
Sophie Jones, BPI’s chief strategy officer and interim CEO, highlighted that the success of British music in 2022 was due to the hard work and creativity of UK artists and labels but cautioned against complacency in the face of growing challenges. She emphasized the need to promote and protect the value of music, drive additional revenues, and innovate and invest in new talent and areas to connect more artists and fans. She urged the music community to unite to create the impetus for further growth and future-proof the success of British music in an increasingly competitive global music market.