UK Music Industry Contributed £3.8bn to the UK economy
UK Music has published their annual economic study Measuring Music, which shows that the UK Music Industry economic contribution rose 9% during 2012 and reached £3.8bn in 2013. There were 111,000 jobs supported through the music industry and up to £2.2bn in exports.
Culture Minister, Sajid Javid said:
“The UK Music industry is one of our biggest success stories. Not only does it make a tremendous contribution to driving economic growth but it plays a pivotal role in taking British culture to every corner of the globe. 1 in every 8 albums sold anywhere in the world is by a British artist, and I know that, with the ongoing support from Government, this dynamic sector will continue to flourish and thrive.”
Measuring Music presents 2013 data for six thematic groupings that define the core music industry. These are:
• Musicians, Singers, Composers, Songwriters and Lyricists (£1.7bn)
• Recorded Music (£618m)
• Live Music (£789m)
• Music Publishers (£436m)
• Music Representatives (£80m)
• Music Producers, Recording Studios and Staff (£102m)
Jo Dipple, CEO of UK Music said:
“We all know how amazing British music is. Now we can put a figure to its value. Last year its contribution to our economy grew by 9%. This is a big deal. We lead the world in song writing, composing, production, recordings and live performances. You only have to glance at the 2014 Mercury nominees to understand what an eclectic, unique and world-leading bunch of musicians work in this country.
The music industry creates real jobs and real opportunities for young people. In the live sector the growth in revenue is matched exactly by a growth in employment figures. UK Music is committed to getting young people linked to the right skills to help us continue to perform this well in the future.
Measuring Music provides us with the data to accurately show Government and policy makers how important an industry we are to the UK economy. The young bearded kids in the pub, making a racket on a Friday night, might just turn out to generate more revenue for HMT than a car manufacturer. But they need support to get there.
We need a strong copyright framework and we need help to ensure the many legal music services we licence are given priority in online search results.
Our SMEs need access to finance and support for skills and training to allow them to grow. And we need help to talk to young music fans about how to value the music they love.
British music has a natural and world-leading creative advantage. UK Music is committed to helping Government develop policies as good as the music we produce.
The full report can be downloaded here
Article information and roll over image courtesy of Music UK