The Parliament's DCMS committee says the UK needs to develop a "wide-ranging national strategy for music."
Montello, who takes over in January for Paul Pacifico, had been CEO of the Association for Electronic Music.
In a final report, watchdog says UK policymakers must determine if revenue splits from services like YouTube and Spotify are "appropriate and fair."
But the study, which does not include China and India, finds that 30% of those surveyed still turn to pirated sources for music consumption.
A suicide bomber killed 22 people and injured more than 800 at the show at Manchester Arena in the terror attack.
The Middle East and North Africa grew the fastest of any region in 2021, with recorded music revenues growing by 35% to $89.5 million
Amid double-digit inflation, live music execs want VAT to be reduced to pandemic-level 5% from current 20% to boost advance sales.
