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UK Music Returns $9.6B to British Economy – But Global Competition and AI Threat Signal ‘Tipping Point’
UK Music returns $9.6 billion to the British economy, but global competition and AI are threats, according to UK Music's annual This Is Music study.
According to export figures released earlier this year by U.K. labels trade body BPI, artists from the United Kingdom now cumulatively account for less than 10% of global music streams, compared to 17% in 2015. Kiehl said that without tougher regulation “the wild west” of generative AI could further undermine the U.K.’s long-held status as the world’s second biggest exporter of music behind the United States. In a statement, U.K. Culture Secretary Lisa Nandy called the country’s music industry “a real British success story” that is “vitally important” to driving overall economic growth.
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