It’s been a very good decade for British music money-wise. Over the past ten years, PRS for Music report, British music used abroad has doubled in revenue, and 2011 alone saw UK songwriters and composers earn £187.7 million, which is up 10.6% on 2010’s profits (statistics courtesy of Music Week).
Whilst much of the income has been generated by hits written by British songwriters for the pop-stars you’d naturally expect, such as Rihanna, Nicki Minaj, Adele and the like, much financial promise for Britain’s music industry lies in the ever-expanding consumption of digital music. Music Week also report that “[online] income from downloads and streaming services has grown rapidly. While still comparatively low at £2million, the figures look set to more than double by 2022”, showing that it’s only a matter of time before downloads quickly ascend up the list of high-earners for the music business.
In very promising news for the British music industry, it looks like the nation’s tunes are always going to be a viable business enterprise, and with the UK definitely ahead of the curve when it comes to new ways of distributing tunes, it just looks brighter and brighter for British music.
For those who want to learn more about the numbers of it all, check out the Music Week article here