08.01.2026: UK Music’s This Is Music report into the financial health of the sector revealed that UK music export revenues in 2024 hit £4.8 billion in 2024 – up 5% on the previous year’s figure of £4.6 billion. However, the rate of growth was down by half on 2023, highlighting the need for urgent action to ensure the sector continues to flourish.

This trend is consistent with a slowdown in the global music market during 2024.11 Fewer major tours and a softer release schedule by UK artists in 2024 were contributing factors. There were no UK artists in the top 20 most-streamed artists globally in 2024, compared to three UK artists in 2023, but UK artists such as Dua Lipa, Sam Smith, and Harry Styles were present in the top 100.

However, performers and recording rights holders saw a healthy increase in international broadcast, online, and public performance income collected by PPL. It is likely that major international tours by Oasis, Dua Lipa, and Coldplay, together with new albums by Ed Sheeran, Wolf Alice, and Central Cee, will boost exports during 2025. UK breakthrough artist Sleep Token have already toured extensively during 2025, including arena shows, and there are also hopes for Olivia Dean, who has already sold out four nights at the O2 and is in the midst of experiencing a significant international breakthrough.

UK music publishers and songwriters earn not only from the international sales of recorded music and public performance income (including from international touring), but also by collaborating with international artists, be they European, American, or South Korean.

British composers also undertake international commissions, and UK-based record producers work with international artists. All this activity contributes to exports. In an increasingly competitive global market, it is vital that barriers are removed, not only to ensure that UK artists can access international markets, but also that the UK remains attractive for international artists seeking creative collaborations, including songwriting and production.

The proliferation in repertoire from international markets, such as South Korea and Latin America, is dialling up the competition for UK labels especially. While bigger UK labels have the resources to compete internationally, many smaller labels do not. The UK’s small independent labels are key investors in developing new artists.

Meanwhile, the time it takes to develop artists is increasing, and so are the risks and barriers, making it even more difficult for small labels to compete internationally. Schemes such as MEGS (Music Export Growth Scheme), which is government backed, go some way, but more support is needed.

Countries such as South Korea, Canada, Australia, and the Nordics are investing heavily in local music creation and exports, including setting up music export offices. The UK should do the same.

You can read more on This Is Music here.