Member Article

British musicians could double share of US album sales

British artists could double their share of the US album market, providing a big boost to the economy, the CBI say.

As this year’s BRIT award nominations are revealed, the business body launches a strategy to help the country’s musical exports reach maximum economical potential.

Among the steps the CBI is calling for are action to protect intellectual property and a European Commission backed tax credit for video games.

Katja Hall, CBI Chief Policy Director, said: “The UK’s creative industries are already world-beaters and make a huge contribution to our economy. Now we need to build on this potential to help them achieve even greater global success.

“Artists like Adele and One Direction are renowned across the globe, and we believe the UK music industry has the potential to double its share of US album sales by 2025.

“We should keep thinking big, and with the right support our creative firms can continue to lead the world, create jobs and boost our economy.”

The strategy targets key areas:

• Unequivocally commit to developing licensing models across the EU to protect businesses’ intellectual property
• Ensure creative firms can access the finance they need to grow
• Ensure the European Commission accepts a tax credit for video games
• Boost the development of in-work skills and ensure the apprenticeships system is suitable for creative industries
• Tilt the playing field to help creative businesses export and expand overseas

Ensure the new Competition and Markets Authority is responsive to changes in product and geographic boundaries.

Jean-Benoit Berty, head of EY’s UK technology, media and telecommunications practice, said: “The creative industries are all too often overlooked when discussing economic affairs. In reality they make a significant contribution to the UK’s economy and it would be good to see the Government shining a bigger spotlight on this sector and giving it the attention it desires.

“EY research shows that the UK is in danger of slipping behind international rivals, like Germany, on economic indicators such as new project start-ups. Now is the time to act to ensure this dynamic sector is safeguarded in a high competitive, fast-moving global economy.”

This was posted in Bdaily's Members' News section by Tom Keighley .