Earlier this year, the BIS announced that the total UK recorded music revenue rose 3.8% in 2020 to £ 1.118bn, largely driven by growth in streaming.
This is the highest total since 2006 (£ 1.17 billion) and the fifth consecutive year of growth.
The BPI, which compiles the figures, has previously forecast that export values will double to £ 1 billion by the end of the decade. The industry is capitalizing on a boom in music rights value, driven by the continued popularity of streaming platforms.
This has been particularly vital for artists over the past year, as the pandemic wiped out concert and tour revenues. To date, 300 British artists have already accumulated more than 100 million views a year, while 500 now achieve more than 50 million per year.
Dua Lipa, Stormzy, Little Mix, and 1975 are among the best artists to breakthrough in recent years and have garnered a significant international following. More established superstars like Ed Sheeran and Adele continue to rack up a host of broadcasts, while the broadcast has also powered classic artists like The Beatles, Queen, and Pink Floyd.
The BPI reiterated calls on the government to support the success of UK artists abroad to harness the full economic and cultural potential. The group is calling for a duplication of the Music Export Growth Plan, which provides grants to independent record labels to help them promote UK artists abroad.
It comes amid concerns about the future of music touring after Brexit, with a number of high-profile artists urging the government to resolve a gap in the current UK deal.
Sir Elton John warned last week that the UK music industry could lose a “generation of talent” due to the inability to secure a visa-free tour.