27.11.2025: Foreign Secretary Yvette Cooper MP has outlined some of the major opportunities and challenges facing the music sector in UK Music’s This Is Music report.

This Is Music revealed that the UK music industry contributed a record £8 billion to the economy in 2024, with exports revenue hitting a new high of £4.8 billion. You can read more about the report here.

However, while the £8 billion contribution made last year marked a record high, the rate of growth was down by more than half on 2023, meaning urgent action needs to be taken to address this significant drop.

You can read the Foreign Secretary’s introduction to the report in full below.

“The UK music industry remains one of our greatest international success stories. Every year, we see more new artists from Britain becoming global stars, and our existing world-famous musicians reaching new heights, all of them adding to the incredible heritage of creativity, talent and genius that has defined UK music throughout our history.

“As Foreign Secretary, I am deeply grateful for the role that the UK music industry plays in promoting British culture around the world, opening doors across continents, and acting as one of the most powerful expressions of our soft power in action. We have therefore ensured music is a key part of the Government’s new Soft Power Council, which brings together leaders ranging from culture and sport to tourism and education to discuss how the UK projects itself globally.

“At a time of continuing economic challenges around the world, the UK music industry also makes an important contribution to the overall strength of our economy, and the figures in this annual report show that the industry is continuing to grow in gross value added, exports and employment. Yet despite UK music’s successes, we are aware that the industry faces real challenges.

“The grassroots music sector, which nurtures the talent that goes on to achieve global success, is facing pressures that risk holding back the next generation of artists, while touring barriers make it harder for those artists who have enjoyed success at home to go to the next level and reach an international audience.

“We are committed to working with our European partners to make it is as easy as possible for British artists to perform their music on the continent. Competition is also intensifying as other nations seek to grow their own cultural exports, and take a greater share of the global market for new music. In this fiercely competitive environment, it is more vital than ever that we support British creativity.

“The Government’s Music Growth Package – announced this year – will provide up to £10 million annually over three years to support touring, performance, mentoring and export opportunities for emerging talent to help them break through at home and abroad. The funding will support the whole music ecosystem from the grassroots upwards, helping UK music to maintain its global impact.

“With the Government’s support, the UK music industry can continue growing from strength to strength, delivering economic growth, nurturing new talent, and exemplifying to the world our nation’s creativity and global influence. Together, we can ensure that Britain is where our country always belongs – a leader on the global stage.”