UK recorded music worth £1.3bn

The UK's recorded music industry was worth £1.3bn last year, keeping its title as the world's third-largest music market, the British Phonographic Industry (BPI) reports.

Trailing the US and Japan, it experienced 13.2% growth in revenues in 2021 – slower than the global average of 18.5%.

Recorded music revenues grew in every region, with the Middle East and North Africa and Latin America outpacing the rest of the world (35% and 31% growth respectively).

Streaming was unsurprisingly behind most of the increase, contributing 65% of recorded music revenues.