UK music exports hit £2.6bn
Total export revenues from all parts of the UK music industry have been estimated at £2.6bn in 2017, according to the annual Measuring Music study produced by UK Music.
This figures includes £468m from recorded music, £719m from music publishing and £348m from music representatives.
Exports were up 7 per cent on 2016, with an 11 per cent increase in revenues from music publishing driving this growth.
UK Music uses the Organisation for Economic Co-operation and Development (OECD) definition of exports, which is recognised internationally by governments and other agencies. This states: "Exports of goods and services consist of sales, barter, or gifts or grants, of goods and services from residents to non-residents”.
For example, when non-residents of the UK spend money on tickets for music concerts or festivals in the UK, they are contributing to exports, as they are non-residents spending on the services of residents. But, in respect of most of the exports covered in Measuring Music, money moves across international borders. That is non-resident consumers and/or businesses are making purchases outside the UK which, through a wide range of channels, transfer back across international borders to UK-based businesses.
Export income comprises an unusually large proportion of revenue to UK music publishing and music representatives. Therefore, because of this, what remains as total GVA is less than its total export revenue.
Source: Measuring Music 2018, UK Music.
Published: November 2018.
Recorded Music exports
UK record labels generated overseas recorded music revenues of £408.4 million in 2017, up by 12 per cent on the previous year. This is the highest figure recorded by the BPI since it began its annual survey of record label overseas income 18 years ago, when international revenues stood at £363.7 million.
Taking into account payments made overseas, UK labels generated a net £200 million balance of payments surplus for the UK economy in 2017, up by more than a fifth (+23%) on 2016.
This continuing growth, which follows an 11 per cent rise to £364 million in 2016, underlines the enduring popularity of British music, with UK artists accounting for one in every eight albums consumed globally in 2017 and the world’s best-selling artist album in nine of the past thirteen years, most recently with Ed Sheeran’s multi-Platinum Divide.
Last year’s strong export figures were fuelled by global demand for Divide, which sold 6.1 million copies worldwide (excluding streams) according to international music body the IFPI– contributing to Sheeran’s dominance as the Global Recording Artist of 2017 – ahead of Drake and Taylor Swift. Other stand-out performances by British artists included Rag’n’Bone Man, whose debut Human was the fourth best-selling album in the world, ahead of Sam Smith’s The Thrill of it All at No.5 and Harry Styles’ self-titled solo release, which also made the global top 10.
Published: September 2018
UK dominates European music sales
British artists were responsible for nearly one in four albums sold in Europe during 2015, according to BPI data.
In the six biggest export markets for the UK in Europe, British artists claimed almost one in six album sales during the year.
Almost all (95 per cent) of BPI members produce recorded music and services commercially available in EU markets.
Ninety per cent of respondents to a BPI survey reported that it was important for the UK to have an influence in framing rules that govern the sale or use of British music in Europe.
Some 70 per cent said the EU was either very important or quite important to their future prospects.
Adele led the strong performance by British artists in 2015. But there was also an impressive showing by a broad range of other UK acts, with Coldplay, Ed Sheeran, Mark Ronson, Muse, Sam Smith,One Direction, Mumford & Sons, George Ezra, The Prodigy, Calvin Harris, Steven Wilson, to name a few, as well as heritage acts such as Iron Maiden and Pink Floyd, each experiencing chart success across Europe to underline the strength in depth that the UK currently enjoys.