In my view both are just as good as each other it depends on what type of music you listen to.
If you are into Indie music Britain wins hands down, however America does produce much better music of the heavier variety.
I will agree with what has been said previously on this thread that In a lot of instances American bands do seem to have better singers.
As for lyrical content it's a cultural thing.As for lyrics course the lyrics of bands such as Oasis, Libertines & Arctic Monkeys are going to mean a lot more to British audiences than they will to American ones. Don't forget that USA also has some great lyricists such as Kurt Cobain, Henry Rollins/Greg Ginn to name a few.
Both countries have produced and still produced great music.
One thing I will say about America is that I have noticed over the years if a particular style of music becomes popular eg Grunge and Nu-Metal, it seems as if the American record industry pulls out watered down radio friendly versions of this music to try and make a quick buck.
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