New figures released by the BPI reveal that streaming has boosted the value of the UK’s music sales and streams overseas to over half a billion pounds for the first time since records began.
The statistics show that the consumption of British music worldwide, which continues to rise, driven by music streaming, generated £519.7 million in export earnings in 2020 – an increase of 6% on 2019.
The UK is the second largest exporter of music in the world after the US, with around one in 10 of all tracks streamed globally made by a British artist. Furthermore, another BPI report released earlier this year, All Around The World1, found that with the right backing, including a continuation of the successful Music Export Growth Scheme2 that has benefitted SME independent companies and their artists, annual UK music exports could reach £1 billion by the year 2030.
The global reach of streaming has seen 300 British artists already achieving in excess of 100 million streams annually, with more than 500 UK artists now achieving 50 million streams per year or more.
Among the biggest British artists to have broken through in recent years include Dua Lipa, Harry Styles, Lewis Capaldi, Stormzy, Little Mix and The 1975, while the more established artists who have been leading the way include the likes of Ed Sheeran, Adele, Coldplay, Sam Smith and Calvin Harris. The global popularity of British heritage artists, such as The Beatles, Queen, Pink Floyd and The Rolling Stones, similarly remains prevalent.
Geoff Taylor, Chief Executive BPI & BRIT Awards, said: “The explosive growth of music streaming around the world represents an unprecedented opportunity for British music. With global competition intensifying, now is the time to push hard, to actively promote our artists to a global audience and maximise our share of global growth, with artists such as Dua Lipa, Harry Styles, Lewis Capaldi, Stormzy, The 1975 and Mabel, among many others, now leading the way alongside the likes of Ed Sheeran Adele, Coldplay and Arctic Monkeys.
“As the UK builds back from Covid-19 and forges its future as an independent trading nation, music can play a pivotal cultural and economic role. We call on Government to seize the moment and make music a champion of our global trading ambitions.”
The BPI has also highlighted the importance of growing the UK’s current performance further still. Despite this record growth in overseas revenues, the UK’s overall share of international music revenue is declining. The UK currently accounts for around 10% of the global total, down from a peak of 17% in 2015. In addition, while the UK’s 6% growth in exports in 2020 provides cause for optimism, overall the global music market grew more quickly (8.2%, IFPI). While this may partially be down to the impact of the Covid-19 pandemic and the fact that artists have been unable to perform live, it indiciates that the UK needs to work harder to market its music globally and retain its share of a growing global market.
As such, the BPI has lobbied government to strike a new strategic partnership with the music industry to harness the opportunity presented by rapidly growing music exports fuelled by streaming.
The BPI’s proposal calls on government to action the following five points:
1. Double the successful Music Export Growth Scheme grant support, which generates a 12-1 return, and invest in international showcases and events that will help to promote British artists to the world
2. Ensure that a Cultural Exports / International Office provides effective targeted support to the commercial music sector, in particular to help navigate new administrative requirements following the UK’s departure from the EU, as well as facilitating cultural collaboration
3. Introduce a music production tax credit to encourage new investment into creating new recordings in the UK, boosting the generation of UK IP, jobs and skills
4. Prioritise agreements with the EU and third countries to enable artists and crews to tour and promote their music as easily as possible, and to make the UK easily accessible for global talent looking to visit the UK to record and perform
5. Raise standards of copyright protection and enforcement in key export markets through trade negotiations, rejecting any watering down of UK copyright in deals.
PHOTO: JM Entertainment