August 2, 2021
Following publication of the DCMS Select Committee report on the “Economics of music streaming”, Geoff Taylor, Chief Executive of the BPI, said:
“The UK’s global success in music is driven by label investment in new artists, creating music that is loved around the world and contributing more than £1.5 billion a year to the UK economy.
“Streaming is enabling more artists than ever, from all genres, to earn a long-term income: more than 2,000 artists will achieve 10 million streams this year in the UK alone, double the number who sold the equivalent number of CDs and downloads in 2007.
“When considering this report, the Government also needs to consider the vital role that labels play as the leading investors into artists’ careers, with investment in artists by record labels growing year-on-year. Artists also now have more choice in how to manage their careers, with independent and self-releasing artists growing their share of the market.
“Labels are committed to ensuring that artists share fairly in the growth from streaming. We will carefully examine the findings of this report, but it is essential that any policy proposals avoid unintended consequences for investment into new talent, and do not imperil this country’s extraordinary global success in music.” To read BPI’s statement on its website, click here.