Streaming has pushed the value of the U.K.’s music sales and streams overseas to more than a half-billion pounds for the first time since records began, according to new figures released by the BPI. Despite the record growth, the U.K.’s overall share of global music revenue is slipping.
In 2020, BPI stats say that consumption of British music worldwide generated £519.7m in export earnings, an increase of 6% on 2019 and the highest figure recorded since 2000. Today, the U.K. is the largest exporter of music in the world after the U.S., and around 1 in 10 of all tracks streamed globally are by a British artist.
The growth in music exports has been powered by artists and labels successfully harnessing the global reach of streaming, with 300 British artists achieving more than 100m streams annually. More than 500 U.K. artists now achieve 50m streams per year or more.