Industry and government partnership holds the key to growing British music globally

For 60 years UK artists have been loved the world over, but as the global music economy becomes ever more competitive, it’s getting much harder to break new talent internationally. With UK recorded music and government working together, we can grow music’s economic and cultural power, and reach our target of £1bn of recorded music annual exports by 2030

This month marks the 60th anniversary of The Beatles leading the “British invasion” across the Atlantic when they appeared on The Ed Sullivan Show on US TV and changed pop culture forever.

Fast-forward 60 years to a new generation of British talent with global ambition, many of whom were recognised in last month’s BRIT Awards nominations dominated by women, including BRIT School alumni RAYE and Olivia Dean, and BRITs Rising Star winners The Last Dinner Party.

Breaking the US market remains the holy grail for many – but in today’s global streaming market, success can take many different forms and happen in many different parts of the globe.

In fact, today’s music industry is unrecognisable from the one the Fab Four entered and is more competitive than ever. Today’s artists are competing with 120,000 new tracks uploaded to streaming services every day – and all the music ever released which is already up there – for a share of fans’ limited listening time. Add to which the many markets, such as in Latin America and Africa that are finding success around the world, and territories including South Korea, which is benefitting from its government investing £25m annually to become ever-more successful at breaking chart stars, such as BTS.

All this is making it much harder for British talent to thrive internationally and is putting pressure on our global market share, which stands at around 10 per cent now compared to 17 per cent a decade ago.

Despite this, our music exports continue to rise in value each year. As streaming take-up accelerates in key parts of the world, we aim to lift annual UK recorded music exports above £1bn by 2030. Achieving this will support the government’s ambitious sector vision for the creative industries, helping us to create jobs, promote our values, and grow the economy, whilst also extending the UK’s cultural reach and power.

If the music industry and policymakers work strategically and in concert, we know this target is within our grasp.

First, we must create a fertile ecosystem for investment in music, ensuring that music companies, such as our UK record label members, can maintain their focus on discovering and nurturing the next generation of talent.

Second, we must champion human creativity in policy formation, particularly in the balance of supporting both our innovative and cutting-edge creative industries as well as tech and AI sectors to grow in partnership.

Third, the BPI-run Music Export Growth Scheme (MEGS) is needed long-term to help UK artists realise their potential in overseas markets. Founded 10 years ago, and funded jointly by industry and government, it has successfully backed the careers of more than 300 diverse acts. We’re grateful government has committed a further £3.2m for the next two years, and with MEGS returning nearly £14 for every £1 received, there is potential to unlock hundreds of millions of pounds more in exports.

It’s critical the UK government does not waver in its commitment to its world-leading rights framework, including in trade agreements, that have underpinned the success of our creative industries.

Six decades after John, Paul, George and Ringo’s conquests, British music, classic and new, remains the soundtrack of millions of people’s lives around the world. By government fully supporting the music industry and enabling its companies to invest in the UK’s rich music talent, we can fully unlock the opportunities for the next generation of diverse talent and together grow our export potential.