UK music labels and publishers invested £497m in the careers of artists, songwriters and composers during 2014, new stats have claimed.
Figures released by the BPI showed that British record labels invested £178m in A&R in 2014 with a further £157.4m supporting label marketing and promotion.
According to the Music Publishers Association (MPA), its members invested £162m in the careers of songwriters and composers in 2014 meaning the total figure reaches almost half a billion pounds.
Further findings showed that the number of new artist deals signed by Sony Music, Universal Music and Warner Music topped 156 in 2014 - up 30 percent on the 120 signed in 2013.
Geoff Taylor, chief executive of the BPI and BRIT Awards, said: ‘It's no fluke that 2014 was such an outstanding year for British music. These achievements do not come easily, however, and they reflect the huge A&R and marketing investment by labels as well as the significant risks they undertake in signing new artists - for every global superstar there are, sadly, other acts that aren’t quite able to break through.
‘Such A&R investment is typically well ahead of the proportion of revenues that other leading industries such as the Biotech, Software and Automotive sectors spend on their R&D.’
The figures also showed that music publishers can claim to be responsible for one quarter of the UK music industry's £2.1bn exports in 2014, contributing £519m of the sector’s total.
Figures released by the BPI showed that British record labels invested £178m in A&R in 2014 with a further £157.4m supporting label marketing and promotion.
According to the Music Publishers Association (MPA), its members invested £162m in the careers of songwriters and composers in 2014 meaning the total figure reaches almost half a billion pounds.
Further findings showed that the number of new artist deals signed by Sony Music, Universal Music and Warner Music topped 156 in 2014 - up 30 percent on the 120 signed in 2013.
Geoff Taylor, chief executive of the BPI and BRIT Awards, said: ‘It's no fluke that 2014 was such an outstanding year for British music. These achievements do not come easily, however, and they reflect the huge A&R and marketing investment by labels as well as the significant risks they undertake in signing new artists - for every global superstar there are, sadly, other acts that aren’t quite able to break through.
‘Such A&R investment is typically well ahead of the proportion of revenues that other leading industries such as the Biotech, Software and Automotive sectors spend on their R&D.’
The figures also showed that music publishers can claim to be responsible for one quarter of the UK music industry's £2.1bn exports in 2014, contributing £519m of the sector’s total.
