As well as winning a slot on one of the festival's main stages, the artist will also receive a £5,000 Talent Development prize from PRS Foundation.
This year's ceremony will take place in London on 23 May.
The final will take place on 27 April.
He's the first international songwriter to receive the honour.
The findings from this economic survey will be published in the autumn.
The figures have been revealed in the IFPI's Global Music Report 2024.
The winner will perform on one of the festival's main stages and receive a £5,000 Talent Development prize from PRS Foundation.
The deadline for applications falls at the end of the month.
Roberto will formally take up the role next month.
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