The value of British music sales and streams surpassed half a billion pounds for the first time last year thanks to the growing popularity of streaming services such as Spotify.
Global consumption of British music generated £519m in export earnings in 2020 — a six per cent increase year on year and the highest figure since records began.
The UK is the second largest export of music worldwide behind the US and around one in 10 tracks streamed globally are now by a British artist.
The BPI, which compiles the figures, has previously forecast that export values will double to £1bn by the end of the decade.
The industry is cashing in on a boom in the value of music rights, spurred on by the continued popularity of streaming platforms.
This has been particularly vital to artists over the last year as the pandemic ravaged revenue from gigs and touring.
To date 300 British artists have already racked up more than 100m streams annually, while 500 now achieve more than 50m per year.
Dua Lipa, Stormzy, Little Mix and The 1975 are among the top artists that have broken through in recent years and built up major international followings.
More established superstars such as Ed Sheeran and Adele continue to rack up huge numbers of streams, while streaming has also boosted classic artists such as The Beatles, Queen and Pink Floyd.
“The explosive growth of music streaming around the world represents an unprecedented opportunity for British music,” said Geoff Taylor, BPI chief executive.
“With global competition intensifying, now is the time to push hard, to actively promote our artists to a global audience and maximise our share of global growth.”
The BPI reiterated calls for the government to support the success of UK artists overseas in order to cash in on the full economic and cultural potential.
The group is calling for a doubling of the Music Export Growth Scheme, which provides grants to independent record labels to help them promote UK artists overseas.
It comes amid concerns about the future of music touring following Brexit, with a string of high-profile artists urging the government to resolve a gap in the UK’s current deal.
Sir Elton John last week warned the UK music industry could lose a “generation of talent” due to a failure to secure visa-free touring.