Introduction

The British Phonographic Industry (BPI) has released new figures which it says reveal that the consumption of British music worldwide, which continues to rise, driven by the dynamic growth of music streaming, generated £519.7 million in export earnings in 2020, an increase of 6% compared with 2019 and the highest figure recorded since 2000, when the BPI began its annual survey of record label overseas income.(1)

The United Kingdom is the largest exporter of music in the world after the United States and around one in ten of all tracks streamed globally are now by a British artist. A BPI report published earlier this year, All Around The World, found that with the right support, including a continuation of the successful Music Export Growth Scheme that has benefitted small and medium-sized enterprises, independent companies and their artists, annual UK music exports could reach £1 billion by 2030.

Key findings

The BPI says that the growth in music exports has been powered by British artists and labels successfully harnessing the global reach of streaming, with 300 British artists already achieving more than 100 million streams annually. Indeed, more than 500 UK artists now achieve 50 million streams per year or more.

However, the BPI warns that the United Kingdom cannot be complacent. Despite this record growth in overseas revenues, the United Kingdom's overall share of global music revenue is slipping within a hugely competitive global marketplace. The United Kingdom currently accounts for around 10% of the global total, down from a peak of 17% in 2015. Similarly, while the United Kingdom's 6% growth in exports in 2020 is encouraging, overall, the global music market grew more quickly (8.2%, according to the International Federation of the Phonographic Industry). While some of this may be down to the impact of the COVID-19 pandemic and the fact that artists have been unable to perform live, it emphasises the fact that the United Kingdom must work harder to market its music to the rest of the world and retain its share of an expanding global market.

Key recommendations

The BPI therefore repeats its call on the government to strike a new strategic partnership with the music industry to take the opportunity presented by rapidly growing music exports fuelled by streaming, so that, as the country builds back after the COVID-19 pandemic, the full economic and cultural potential of British music can be realised.

According to the BPI, the government should, in particular:

  • double the successful Music Export Growth Scheme grant support, which generates a 12 to one return, and invest in international showcases and events that will help to promote British artists to the world;
  • ensure that a Cultural Exports or International Office provides effective targeted support to the commercial music sector, in particular to help navigate new administrative requirements following the United Kingdom's departure from the European Union, as well as facilitating cultural collaboration;
  • introduce a music production tax credit to encourage new investment into creating new recordings in the United Kingdom and boosting the generation of UK intellectual property, jobs and skills;
  • prioritise agreements with the European Union and third countries to enable artists and crews to tour and promote their music as easily as possible and make the United Kingdom easily accessible for global talent looking to visit the country to record and perform; and
  • raise standards of copyright protection and enforcement in key export markets through trade negotiations, rejecting any watering down of UK copyright in deals.

Endnotes

(1) To read the BPI's press release in full, click here.