April 22nd, 2009UK music export sets record, earns 15% more in royalties
The UK industry had big contribution from music acts including Iron Maiden and Coldplay, as exports touched record levels.
Despite worst economic conditions, British musical talent’s royalties from abroad jumped by 15% during 2008, as reported by PRS for Music, the sole collector of royalties for composers and songwriters.
According to PRS’s chief executive, Steve Porter, music in the UK is a great success story and Britain has become one home of the world musical talent.
The royalties earned by the UK acts touring jumped to £139.6 million in 2008 from £121.2 million in 2007. The rise was mainly due to increased demand for acts including Girls Aloud, Elton John and Mark Knopfler.
According to research conducted by Pollstar, the touring act, Police, was in big demand last year, while groups including The Cure and Spice Girls are also proving more popular abroad.
The British artists found the US market most lucrative, where their revenues rose to £21.7 million. Germany with £15 million was the second biggest generator of royalty, followed by £11.6 million by France. PRS also claimed that international royalties, which stood at £68 million in 1999, have since then more than doubled.
PRS collects and pays royalties to its members whose music is exploited anywhere across the world. This includes, material put online, performances and recordings.
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