New study: How can European music realize its global potential?

 
The European music industry has the potential to be a powerhouse of cultural and economic growth, generating over €25 billion annually and employing more people than the film industry. However, according to a recent report published by the European Commission, the industry faces important challenges in conquering global markets.

Titled 'Implementing Steps to Develop and Promote European Music Export', the report was undertaken by experts from Le Bureau Export and MICA, with input from consultants KEA European Affairs. It delivers a detailed analysis of the strengths and weaknesses of the continent's music sector, along with policy recommendations and pilot project proposals to help artists and rights holders expand their international outreach.

Among the key challenges identified are language barriers, lack of coordination between member states, and a predominantly continental outlook that hinders the global reach of Europe's music. A few facts from the current but also previous studies:

• Only 14% of European music exports are currently going to non-English speaking countries, even though these markets represent 75% of the global population.
• 77% of European artists and rights holders focus primarily on their domestic market, rather than looking to expand abroad.
• Language barriers are a major challenge, with many European countries boasting multiple languages.
• In 2019, the European music industry generated over €2.5 billion in revenue from digital music sales and streaming.
• The European music industry employs over 1.3 million people, with the majority working in the live music sector.
• In 2019, European artists accounted for over 60% of the winners at the Grammy Awards, highlighting the global influence of European music.

One of the key challenges facing the European music industry is language barriers. According to the report, only 12% of Europeans speak English as their first language, and this lack of linguistic diversity can make it difficult for European artists to break into non-English speaking markets. Another challenge facing the industry is a lack of coordination between member states. There is currently no centralized platform for European music export, and this can make it difficult for artists and rights holders to access international markets. On the other hand, with the rise of streaming services, European artists now have access to a global audience. However, many are not taking advantage of these opportunities, and this is limiting their growth potential. The insular continental outlook of the European music industry is a major challenge. European artists often focus on their domestic markets, and this can limit their potential for growth and exposure on the global stage.

Overall, the report provides a comprehensive analysis of the challenges facing the European music industry and proposes a range of solutions to help the industry conquer global markets. The report calls for targeted exchange programs and mentorships to help European artists break into these markets. For example, partnering with organizations like the British Council, the Goethe-Institut, and the Institut Français to provide mentorship and support could be helpful for European artists looking to expand their international reach. Investing in improved digital infrastructure could help European artists and rights holders to compete more effectively in the global marketplace. Encouraging sustainable practices and innovation in the industry could help to reduce its environmental footprint and promote positive social and environmental outcomes. Finally,  the creation of a European music export office or agency to support artists and rights holders in their international endeavors.
 

• You can read the full report here