British overseas music exports have surpassed £700 million for the first time; the value of streams and UK music sales abroad are now worth around £709 million, according to stats released by the British Phonographic Industry (BPI).
In 2022, Harry Styles’ ‘As it was’ was the most globally streamed song of that year, surpassing fellow brits Dua Lipa, Elton John and Kate Bush.
Sophie Jones, the current boss of BPI , has stated that these figures “represent an exceptional achievement in the face of unprecedented competition on the global music stage.”
“But for this growth to continue,” she added, “the UK needs to remain a supportve environment for investment in music, and policymakers should ontinue to work with indursty to maximise the overseas potential of UK music”
Recently, the government has put in an extra £3.2 million investment into MEGS – the Music Export Growth Scheme. Managed by the BPI, this scheme helps artists establish themselves overseas by giving UK – registered independent MUSIC companies grants of between £5,000 – £50,000.
This funding is thought to help these independent companies create successful marketing campaigns for introducing the music projects of their roster of artists overseas.
Lord Offord, who works as the minister for UK exports , said that the triple value invested into the Megs fund makes sure that “the next generation of UK artists and SMEs can continue to champion British music abroad, share our world class UK creativity across the globe, create jobs and grow the economy.”