Dua Lipa, Ed Sheeran and Sam Smith have helped the record industry of Britain earn almost £408.0 million in the last calendar year. This is the highest recorded figure in the British record industry ever.
The recorded music export revenues saw a rise by 12% compared to that of 2016, bolstered by Ed Sheeran’s Divide’s “phenomenal global demand”, said the British Phonographic Industry.
6.1 million copies of the Ed Sheeran’s Divide were sold last year. This number is more than that of releases by Kendrick Lamar, Taylor Smith and Drake.
However, the British Phonographic Industry did warn that a bad Brexit deal could possibly hamper the British music profits.
|Best-selling albums of 2017|
|1) Ed Sheeran||÷ (Divide)|
|2) Taylor Swift||Reputation|
|3) Pink||Beautiful Trauma|
|4) Rag ‘n’ Bone Man||Human|
|5) Sam Smith||The Thrill of It All|
|6) U2||Songs Of Experience|
|7) Kendrick Lamar||Damn|
|9) Harry Styles||Harry Styles|
|10) Bruno Mars||24k Magic|
The British Phonographic Industry said that the value of British music exports has brought in more than £5.0 billion since the day it started tracking the revenues in 2000. The music exports include sales of vinyl, CDs, downloads and streams of albums and singles.
Europe has generated £165.0 million last year in revenues and is right now is the biggest overseas market for the record industry. The European market is closely followed by the United States.
The United States record industry accounts for almost 35% of the music earnings in the United Kingdom. The record industry is also witnessing brisk growth in the upcoming markets that include Brazil, China and India.
Overall in 2017, the UK artists accounted for at least one in every eight albums that are consumed all around that world, with British artists having four of the top ten best-sellers of the year, said the British Phonographic Industry.
The record industry of Britain contributed £200 million to the economy of United Kingdom last year, once the overseas payments were considered.
As per UK Music, the total export revenues of the record industry is approximately £2.5 billion, with live music, royalties and publishing also contributing to the coffers.