UK music label exports hit high

Streaming music exports pushed the value of exports from UK music labels up 6 per cent in 2020 to £519.7m, prompting the BPI, which represents both major and independent labels for a partnership with UK Goverment to double this figure 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, part of a rapidly expanding cohortof British talent for whom streaming is already generating a significant annual income, even before taking into account earnings from physical and digital sales, TV/radio, brand partnerships and, in normal times, live
performances.

Major artists who have broken through in recent years include Dua Lipa, Harry Styles, Lewis Capaldi, Stormzy, Little Mix and The 1975. More-established superstar
artists 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 per cent of the global total, down from a peak of 17 per cent in 2015. Similarly, while the UK’s  per cent growth in exports in 2020 is encouraging, overall the global music market grew more quickly (8.2 per cent, IFPI).

Geoff Taylor, Chief Executive BPI & BRIT Awards, said: “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.”

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