According to Rich List 2020, Ed Sheeran is #1 on the list of richest musicians under 30 while Harry Styles is second on the list.
Ed Sheeran, Mabel and Lewis Capaldi helped British songwriters earn more than ever before in 2019. But there’s a warning the success won’t last, especially for less established names, following the coronavirus pandemic. PRS for Music, which makes sure musicians and their teams in the UK are paid when their songs are played around the world, collected a record £810m last year.
However, it’s also said Covid-19 will result in an “inevitable decline” in 2020 and 2021. Despite and increase in streams while people are at home – a lack of live shows and less income from tracks being played in places like shops and cafes means songwriters will lose out on royalties.