February 22, 2021
The BPI says that with the UK forging its future as an independent trading nation following its departure from the EU, the new report, “All Around the World”, highlights the huge global growth opportunities for British music and artists if Government works with the music industry to promote British artists overseas.
According to the BPI report, as emerging markets adopt online music streaming, global revenues from recorded music are forecast to rise to almost $40 billion (£30bn) by 2030. If UK music exports continue their growth rate as the market expands, they will surpass the £1 billion mark over the same period, more than double today’s level. This would benefit not only artists and fans, by enabling greater earnings and investment into UK new talent, it would also help the recovery of the UK economy and boost the UK’s cultural influence as it pursues trade opportunities around the world, the BPI says.
The BPI says that alongside long-established markets in Europe, North America and Australasia, where UK music has traditionally been hugely popular, exports opportunities are now also growing in rapidly-expanding new markets across Asia and South America, while rising demand in Africa and in the Middle East adds new prospects for British artists and music. However, the expansion of the global streaming market also means stiffer competition, with smaller countries such as the UK having to work harder to gain a share of listening on streaming platforms worldwide.
The BPI calls on the Government to strike a new strategic partnership with the music industry to seize this exceptional opportunity, so that the full economic and cultural potential of British music can be realised. In particular, the Government should:
- support an expansion in the promotion of UK artists and music overseas, including through a renewal of the successful Music Export Growth Scheme to globally-promote artists signed to smaller independent labels;
- make the UK more attractive for investment by introducing incentives to music production here in the UK; and
- ensure that high standards of copyright protection are enshrined in trade agreements so the full benefits of exports can flow back to British creators and the UK.
To read the BPI’s press release in full and for a link to the report, click here.