Music now contributes in excess of £4bn to UK economy

UK Music’s latest publication ‘Measuring Music 2015’ has revealed the scale of the music industry’s contribution to the UK economy.

 

The organisation’s annual economic study acknowledged 2014 as a buoyant year for music in general, with the sector now generating £4.1bn overall for the UK economy.

 

The music sector again outperformed the rest of the British economy, with growth of 5% year on year (up from £3.8bn in 2013)

 

According to UK Music, the global success of British artists such as Sam Smith and Ed Sheeran have helped recorded music exports rise 17% to £2.1bn in revenue.

 

In 2014 one in seven of all artist albums sold around the world were by British artists, while five of the top ten selling albums were by UK acts.

 

Live music revenues were also up by 17% year-on-year, a result of almost 26.7 million visits being made to UK live music events last year.

 

Total employment in the music industry was reported in excess of 117,000.  The study found the vast majority of these individuals working in the ‘creative heart’ of the industry – composing, creating, recording and shaping its future.

 

Source: www.mi-pro.co.uk

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