British music exports have reached a significant milestone, surpassing £700 million for the first time. According to data released by the British Phonographic Industry (BPI), the combined value of streams and UK music sales abroad now stands at approximately £709 million.
In 2022, Harry Styles’ “As It Was” emerged as the most globally streamed song of the year, surpassing fellow British artists Dua Lipa, Elton John, and Kate Bush.
Sophie Jones, the current head of BPI, hailed these figures as an “exceptional achievement” considering the unprecedented competition on the global music stage. She emphasized the importance of maintaining a supportive environment for music investment in the UK, urging policymakers to collaborate with the industry to maximize the overseas potential of British music.
In a recent move, the government injected an additional £3.2 million into the Music Export Growth Scheme (MEGS), managed by the BPI. This scheme provides grants ranging from £5,000 to £50,000 to UK-registered independent music companies, enabling them to establish their artists internationally. The funding aims to support these companies in creating successful marketing campaigns to introduce their artists’ music projects to global audiences.
Lord Offord, the minister for UK exports, highlighted the significant impact of the tripled investment in the Megs fund. He emphasized that it ensures the next generation of UK artists and small- and medium-sized enterprises (SMEs) can continue to promote British music worldwide, share the country’s world-class creativity, generate employment opportunities, and contribute to economic growth.
Written by: Artificial Intelligence Technology