UK music exports reach new high in 2020 to over half a billion pounds driven by streaming according to new figures released by the BPI. Earnings increased 6% on 2019 to £519.7 million which makes the UK the largest exporter of music in the world after the US. Around 1 in 10 of all tracks streamed globally are now by a British artist. A BPI report earlier this year, All Around The World, found that with the right support, annual UK music exports could reach £1 Bn by 2030.
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. More than 500 UK artists now achieve 50 million streams per year or more.
Major artists who have broken through in recent years such as Dua Lipa, Harry Styles, Lewis Capaldi, Stormzy, Little Mix and The 1975 have made a huge impression across the world, whilst more-established superstar artists who have been leading the way, such as Ed Sheeran, Adele, Coldplay, Sam Smith and Calvin Harris, continue to post impressive streaming and sales figures internationally. The global popularity of British classic artists such as The Beatles, Queen, Pink Floyd and The Rolling Stones similarly remains undimmed.
Despite this record growth in overseas revenues, the UK’s overall share of global music revenue is slipping within a hugely competitive global marketplace. The UK currently accounts for around 10% of the global total, down from a peak of 17% in 2015. Similarly, while the UK’s 6% growth in exports in 2020 is encouraging, the global music market grew more quickly (8.2%, IFPI).
UK recorded music revenue rose by 3.8% in 2020 to reach £1.118 billion. This is the highest total since 2006 (£1.17bn) and the fifth consecutive year of growth, although the rate of revenue growth slowed in 2020 (compared with the 7.3% rise in 2019), due to the effects of the pandemic. Revenues from streaming fuelled much of the rise, growing 15.4% to £736.5m, even as the pandemic slowed overall growth.
The BPI has lobbied the UK Government to support the music industry by doubling the Music Export Growth Scheme and give additional support by providing tax credits to encourage new investment, encourage the international promotion of British music and continue the fight for copyright protection.
