The UK’s share of the worldwide music market could also be shrinking as music globalizes within the age of streaming, however that doesn’t imply UK artists themselves are any worse off.
That’s one takeaway from Spotify’s newest launch of information on the platform’s streaming numbers.
Spotify reported that royalties generated by UK artists reached £810 million in 2024.
That interprets to USD $1.03 billion on the common trade price for 2024, and it’s 8% increased than the £750 million that Spotify reported for UK artists a 12 months earlier.
Spotify says the entire royalty haul from UK artists has greater than doubled since 2018.
That means royalties generated by UK artists on Spotify are rising sooner than the nation’s general recorded music market — and sooner, even, than general streaming revenues.
In keeping with recorded music commerce physique BPI, wholesale recorded music revenues grew 4.8% YoY in 2024, to £1.49 billion ($1.9 billion), whereas wholesale revenues from streaming revenues grew 5.7% YoY.
Notably, over three-quarters of all royalties generated by UK artists on Spotify in 2024 had been from listeners outdoors of the UK.
Spotify reported a 28% YoY enhance in streams of UK artists from outdoors the nation in 2024, and famous that streams of UK artists from overseas have grown greater than 1,000% up to now decade. Nonetheless, that isn’t to recommend that the general recognition of UK artists has grown by that a lot: There are way more Spotify customers in the present day than a decade in the past.
There have been a complete of 271 billion streams of UK artists on Spotify’s platform globally in 2024.
Nonetheless, the info reveals that the UK – lengthy a significant exporter of music globally – continues to take pleasure in a distinguished standing within the world music scene, even when its general market share is shrinking.
In a report launched final fall, BPI estimated that UK artists accounted for 10% of world music streams in 2023, down from 17% in 2015.
But Spotify’s report means that UK artists are seeing their incomes develop – at the least from streaming. The variety of artists who earned greater than £1 million ($1.28 million) elevated by 20% in 2024, Spotify stated, although it didn’t present the precise variety of artists incomes above that threshold.
Spotify additionally famous that the variety of UK artists who reached the thresholds of £10,000, £50,000 and £100,000 in earnings has doubled since 2018 – although, once more, it didn’t present the precise numbers of artists earnings at these thresholds.
The streaming platform famous that the UK’s home music market can also be globalizing, with some worldwide genres seeing huge will increase in consumption in 2024, together with attractive drill (up 1,460%), reggaeton Chileno (up 446%), Seresta (up 312%), and Lagu Timur (up 300%).
The platform additionally famous that the UK’s ladies artists “have more and more discovered success on Spotify,” with a 52% enhance in streams contained in the UK and an 82% enhance in streams outdoors the UK over the previous 5 years.
Spotify’s numbers are the newest addition to its annual Loud & Clear report, which presents a rundown of streaming and royalty payout statistics on the platform.
The keynote a part of the report, launched earlier this 12 months, reported that Spotify paid out some $10 billion in royalties in 2024, up round 11% from the 12 months earlier than and sufficient for Spotify to declare itself the world’s largest digital music retailer.Music Enterprise Worldwide
