LONDON (CelebrityAccess) — A report by the British Phonographic Industry revealed that British music exports are now at their highest level in almost two decades.<\/p>\n

According to the BPI, UK record labels generated revenues of \u00a3408.4 million in 2017, up by 12% over the previous year. The strong performance contributes to more than \u00a35 billion in revenue generated by the sector since 2000.<\/p>\n

Taking into account payments made overseas, UK labels generated a net \u00a3200 million balance of payments surplus for the UK economy in 2017, up by more than a fifth (+23%) on 2016.<\/p>\n

Last year\u2019s strong export figures for UK music was fueled by strong demand for Ed Sheeran\u2019s Divide, which sold 6.1 million copies worldwide (excluding streams) according to international music body the IFPI\u2013 contributing to Sheeran\u2019s dominance as the Global Recording Artist of 2017 \u2013 ahead of Drake and Taylor Swift.<\/p>\n

Other stand-out performances by British artists included Rag\u2019n\u2019Bone Man, whose debut “Human” was the fourth best-selling album in the world, ahead of Sam Smith\u2019s The Thrill of it All at No.5 and Harry Styles\u2019 self-titled solo release, which also made the global top-10.<\/p>\n

Revenue growth was most-marked across Europe \u2013 up 29 percent over the past two years since 2015. Increases in major markets Germany (9%), France (+57%), Italy (+22%) and Spain (+33%) led the way, contributing to a European total of \u00a3165 million in 2017 and a 42 percent share of the UK\u2019s global music exports.<\/p>\n

Europe as a whole remains the UK\u2019s biggest export market for music, although the US is the biggest-single national market by a significant margin, accounting for over a third (35%) of the UK\u2019s music earnings1.<\/p>\n

At the same time, the BPI sounded a cautionary note as the March 29th, 2019 date for the realization of Brexit draws close.<\/p>\n

“British music is riding high once again around the world, boosted by the talent of our artists and songwriters and the innovation and investment of record labels. Our music not only enriches the lives of fans around the world, it makes a major contribution to the UK economy through overseas sales and by attracting numerous visitors to the UK.<\/p>\n

\u201cWith Brexit approaching, music can help to showcase what is exciting about the UK as we forge new trading relationships, but only if our Government supports us by ensuring a strong Brexit deal that enables artists to tour freely, robustly protects music rights, and prevents physical music products being impeded in transit.\u201d<\/p>\n

The government of British Prime Minister Theresa May has increasingly drawn criticism from political opponents over her handling of the nation’s EU exit. The May government has offered little guidance for what a post-Brexit UK will look like and key issues such as import\/export and immigration rules remain to be hammered out.<\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (CelebrityAccess) — A report by the British Phonographic Industry revealed that British music exports are now at their highest level in almost two decades. According to the BPI, UK record labels generated revenues of \u00a3408.4 million in 2017, up by 12% over the previous year. The strong performance contributes to more than \u00a35 billion<\/p>\n","protected":false},"author":12,"featured_media":42406,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2018-09-06 18:45:30","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","footnotes":""},"categories":[22,78,82],"tags":[2711,2712,2713],"class_list":["post-53609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry_news","category-international-news","category-label-news","tag-bpi","tag-brexit","tag-uk-music-industry"],"acf":[],"yoast_head":"\n