Streaming export revenue for British music has the potential to exceed £1 billion by 2030, according to the ‘All Around The World’ report published by the British Phonographic Industry. The report highlights the expanding global market for music streaming, of which Britain resides at the sharp end by virtue of its vivacious and prolific talent pool, with more than 300 British artists having already achieved over 100 million global streams. According to the BPI, global revenues for music streaming are forecast to exceed £30b by 2030, as emerging markets adopt online music streaming as their format of preference; should the UK streaming market continue its rate of growth – and “if the Government works with the music industry to promote British artists overseas,” – it will contemporaneously surpass the £1b mark around this time.
Brilliant report from @bpi_music out today showing the huge export opportunities for British music.
Even more reason that the Government should do everything it can to support the music industry – it will be key to the UK's post-pandemic economic recoveryhttps://t.co/ZlrN9OtN85
— Jamie Njoku-Goodwin (@jnjokugoodwin) February 18, 2021
“We are at a pivotal moment for British music on the global stage,” commented Geoff Taylor, Chief Executive of the BPI. “As the UK works to build back from Covid-19 and forge its future as an independent trading nation, music can play a vitally important cultural and economic role. Because of streaming, our country has a huge opportunity to connect artists with fans in ways never before possible. There is a £1 billion prize to be gained for the UK, which would benefit artists, fans and the UK economy alike.
“We are today putting forward a plan to work with Government to support touring and showcasing by more UK artists and deliver substantial growth in music exports. SME and indie music companies will directly benefit and amplify the extensive work record labels do to develop and promote British music globally.”
The BPI is calling on the government to support an expansion in the promotion of UK artists and music overseas, primarily through the perpetuation of the successful Music Export Growth Scheme – a BPI administered, Department of International Trade funded initiative to boost British music exports by “supporting small to medium sized music companies as they look to build on the potential of their artists in overseas markets.”
Mercury Prize winners Wolf Alice are one of 250 groups to benefit from the scheme. “The global reach of British music gives us the ability to connect with fans all around the world, and the support that we had from the Music Export Growth Scheme early in our career was critical in us breaking through in key markets such as the USA,” they said. “With streaming now growing fast even in emerging markets, we hope that other new British artists will receive similar support, so that British music can make even more of an international impact.”