Global surge of local hits opens new chapter for Europe’s top music exporter
As one of only four net music exporters in the world, Sweden boasts titans like Max Martin and ABBA. The music heavyweight of just 10 million people must now refocus to safeguard its musical legacy, amid the global rise of local-language streaming hits. An emerging bond with the only other non-Anglo net music exporter presents a promising blueprint for the future. Sweden’s songwriting symbiosis with K-pop could help reshape its music trade for new global trends and shifting market dynamics, states a new report by former Spotify and PRS chief economist Will Page.
The report published by British economist Will Page analyses the EU’s sole net exporter of music and one of just four worldwide. Alongside the US, UK, and South Korea, Sweden—with its population of only 10 million—holds a uniquely influential position in the global music industry. The report is based on global market data and has been commissioned by Swedish music rights society STIM.
Swedish songwriters strike gold—one in every 50,000 Swedes now earns over $100,000 annually from songwriting, a sixfold increase among that cohort over the past 15 years. But can Sweden hold onto its historic advantage as other countries invest aggressively to catch up? Global competition is intensified by a streaming-driven rise of local-language artists worldwide, alongside aggressive trade promotion by nations aiming to gain a foothold where few have built strong pop legacies yet.
“Our industry is uniquely positioned to drive economic growth in a challenging time,” said Lina Heyman, Acting CEO of STIM. “Music is largely immune to the cyclical downturns, tariffs, and geopolitical tensions that impact most other industries. An increasing number of countries see this revenue opportunity. Equally important is music's strategic value in enhancing a nation's soft power. In that sense, music is perhaps Sweden’s most valuable asset. We cannot afford to take it for granted as the music ecosystem is changing extremely fast.”
Songwriting wave drives Sweden’s music exports to Asia
Change is evident: Swedish royalty earnings from Asia have tripled since 2018. A new generation of Swedish songwriters, notably young women, has emerged as the hidden creative force behind chart-topping K-pop acts like BTS and NewJeans. This has driven an extraordinary tenfold increase in Swedish royalty revenues from K-pop alone since 2018. Strategically formed in its early stages, the Korean relationship between Export Music Sweden, co-founded by STIM, and leading South Korean industry players has become highly rewarding.
Sweden’s music creators have an institutional advantage
The basis for Swedish success is—also in music—both individual and institutional. Sweden’s global stars rest on solid structures, reflecting the nation’s characteristic synthesis of collectivism and individualism. STIM’s member-centric, transparent approach, notably free of extra admin charges on international royalties, has grown trust among creators, reinforcing Sweden’s export pipeline.
Recognised by the World Intellectual Property Organization as a best-practice institution, STIM plays an instrumental role in mentoring newer copyright bodies. It co-founded ICE, the multi-territory licensing hub seen as a global model for digital rights management. The Swedish music rights organisation’s progressive stance is also reflected in being among the world’s first collecting societies to distribute TikTok royalties.
Songwriters emerge as winners from music’s global-local shift
The musical marriage between Sweden and South Korea underlines a broader development. Global music consumption is “glocalising,” eroding the long-standing dominance of the US and UK in pop music. Local artists increasingly top streaming charts domestically. In Sweden itself, local acts claimed eight of the top ten streamed artist positions in 2024, doubling their presence since 2014. This often presents a trade barrier for artists, yet creates greater opportunities for songwriters and producers—while encouraging them to actively diversify their international presence.
Strategic stakes rise as music export competition heats up
The music industry is forecasted by Goldman Sachs to grow at around 6% annually over the coming decade, akin to the world’s fastest-growing economies such as India and Vietnam. Meanwhile, Sweden currently reinvests just 0.1% of its total music revenue into publicly funded strategic trade promotion—far less than all its Nordic neighbours and most European peers.
Renowned as the birthplace of Max Martin, Avicii and ABBA, Europe's music export powerhouse has much to lose and much to gain from the ongoing industry reshuffle. As the global market landscape diversifies, the need for proactive export promotion intensifies.
“When the US and UK dominated as gateways to international markets, competitive advantages could organically evolve over time. Today, strategic competition is fierce. Other countries are actively investing in building international networks for their music creators. Sweden needs to replicate the success we have had in South Korea, but this requires reinvesting a greater proportion of our music-related tax revenues into targeted strategic initiatives,” said Lina Heyman.
“Global music consumption patterns are shifting dramatically,” explains Will Page, the report’s author and fellow at the London School of Economics. “Swedish songwriters have traditionally excelled in English-language pop, but future success demands adaptability to localised markets and strategic investment.”
Lisa Boström Press & PR Manager Stim
Hornsgatan 103, 104 62 Stockholm
lisa.bostrom@stim.se
