Statistics from the British Phonographic Industry (BPI), the UK’s independent and major record labels association, have revealed that streaming has enabled UK music sales and streams overseas to over half a billion pounds for the first time since records began in 2000.
The growth of British music abroad rose by 6% last year, as music streaming generated £519.7 million in export earnings, statistics have now revealed. The BPI has put this exponential growth down to British artists and labels successfully “harnessing the global reach of streaming,” noting that there are currently 300 British artists already achieving more than 100 million streams annually. They have also reported that UK recorded music revenue rose by 3.8% in 2020, which is the highest total since 2006. However, the rate of revenue growth slowed in 2020 (compared with the 7.3% rise in 2019), which they have highlighted is due to the pandemic’s effects.
Citing some of the big names in UK music, Geoff Taylor, Chief Executive at BPI and 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.” He continued: “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 once again called on the Government to “strike a new strategic partnership with the music industry to seize the exceptional opportunity” of the UK’S growing music exports, to reap the “the full economic and cultural potential of British music.” You can read the five-point list of recommendations here.
