The value of UK music to the British economy has risen to £3.8bn, up nine percent on 2012, new figures have revealed.
UK Music’s Measuring Music report showed that the figure consists of six groupings; musicians, singers, composers, songwriters and lyricists (£1.7bn), recorded music (£618m), live music (£789m), music publishers (£436m), music representatives (£80m) and music producers, recording studios and staff (£102m).
Sajid Javid, culture minister, 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. One in every eight 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.’
Jo Dipple, chief executive officer of UK Music, added: ‘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 nine percent. 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.’
Further findings revealed that the music industry supports more than 111,000 full time jobs while music exports contribute £2.2bn to the economy.
Visit the UK Music website to find out more about the report.
UK Music’s Measuring Music report showed that the figure consists of six groupings; musicians, singers, composers, songwriters and lyricists (£1.7bn), recorded music (£618m), live music (£789m), music publishers (£436m), music representatives (£80m) and music producers, recording studios and staff (£102m).
Sajid Javid, culture minister, 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. One in every eight 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.’
Jo Dipple, chief executive officer of UK Music, added: ‘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 nine percent. 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.’
Further findings revealed that the music industry supports more than 111,000 full time jobs while music exports contribute £2.2bn to the economy.
Visit the UK Music website to find out more about the report.
