Image credit: Arctic Monkeys
British music exports could double to £1bn by 2030 if the UK exploits new and emerging markets after Brexit, according to a report by the BPI.
The rise in popularity with streaming services such as Spotify have lead to a boom in music assets. Revenues from recorded music are forecast to rise to almost $40bn (£30bn) over the next decade.
UK music growth has been on the up for the past decade too and it is expected to be worth more than £1bn over the same period. This is a staggering increase of £489m (2019), according to the record label association the BPI.
The report also highlighted growth opportunities in new markets such as Asia, South America, Africa, and the Middle East, where there is an increase in demand for British hits.
The BPI also called upon the British Government to support the success of UK artists overseas to ensure that the country and artists can reap the full economic and cultural rewards.
It also called for the doubling of the Music Export Growth Scheme, which provides grants to independent record labels to help them promote their artists overseas.
Artists who benefit from this scheme are Mercury Prize Winners Wolf Alice, the London Symphony Orchestra and Belfast-based duo Bicep (to name a few).
The report also called for the introduction of a music recording tax credit – similar to the one that is available to film producers. The idea would be to encourage artists to record in the UK, as well as a tightening of copyright laws to ward off piracy.
“We are at a pivotal moment for British music on the global stage,” said BPI chief executive Geoff Taylor. “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.”
It’s worth noting that the UK is currently the second-largest exporter of recorded music after the US, accounting for one in 10 music streams across the globe.