The growth of the industry was spurred by new revenue models related to copyrights and and servitisation. In exports, audio technology and equipment set the tone for the 33 per cent increase.
A total of 24 per cent of all exports went to German-speaking countries, with the Nordics and the US following close behind with a 15 per cent share each.
Finnish songwriters also struck a chord in pop music, writing 76 songs that were streamed 400 million times.
“Finnish music export is defined by great scope, with growth potential found in many fields such as songwriting. This provides an excellent springboard for new international success stories,” said Kaisa Rönkkö, executive director of Music Finland.
A total of 38 songwriters were active internationally, with 14 of them making their international debut.
“In order to achieve an even better marriage between premium Finnish content and services, we need more dialogue and innovation between the various sectors.”
Sounds like progress
Live music, recordings, copyright and music technology were the key categories for Finnish music exports. Exports in the latter category increased by 56 per cent from 2017 to 49.7 million euros. The total includes the exports of companies like Genelec, Audiodraft and Yousician. Copyright-related revenue also jumped by 22 per cent to 5.7 million euros.
The study concludes that the Finnish music industry is making good progress in the universal transition from physical products to services and immaterial property rights.
Check out our recent Five for Friday for more audio innovations!