UK music contributed £3.5bn to the British economy in 2012, a new report from UK Music has revealed.
The report showed that musicians, composers and songwriters contributed £1.6bn while £634m came from recorded music.
Elsewhere £662m was generated by live music, £402m from music publishing, £151m from music representatives and £80m from music producers, recording studios.
According to the research, the figure is calculated using Gross Value Added (GVA), exports and employment. GVA is the industry’s contribution to Gross Domestic Product (GDP) while exports is the contribution of revenues generated outside the UK.
Jo Dipple, UK Music chief executive officer, said: ‘This shows for the very first time exactly how much music - in all its guises - contributes to the UK economy in terms of GVA, exports and employment. It shows that British music is a substantial contributor to the economy. Our music might be fun, but it is also a formidable asset to the UK.
‘Government has said it wants to support the creative industries but until now they have not had the precise data to hand. They do now. A realistic picture of the how the industry is made up will lead to a better understanding of what investment and regulatory environment is needed to help our industry thrive. It is a great UK success story, but now it can be even better understood and developed.’
Further findings from the study showed that UK music accounted for £1.4bn worth of exports and 101,680 full time jobs.
Visit www.ukmusic.org to read the full report.
The report showed that musicians, composers and songwriters contributed £1.6bn while £634m came from recorded music.
Elsewhere £662m was generated by live music, £402m from music publishing, £151m from music representatives and £80m from music producers, recording studios.
According to the research, the figure is calculated using Gross Value Added (GVA), exports and employment. GVA is the industry’s contribution to Gross Domestic Product (GDP) while exports is the contribution of revenues generated outside the UK.
Jo Dipple, UK Music chief executive officer, said: ‘This shows for the very first time exactly how much music - in all its guises - contributes to the UK economy in terms of GVA, exports and employment. It shows that British music is a substantial contributor to the economy. Our music might be fun, but it is also a formidable asset to the UK.
‘Government has said it wants to support the creative industries but until now they have not had the precise data to hand. They do now. A realistic picture of the how the industry is made up will lead to a better understanding of what investment and regulatory environment is needed to help our industry thrive. It is a great UK success story, but now it can be even better understood and developed.’
Further findings from the study showed that UK music accounted for £1.4bn worth of exports and 101,680 full time jobs.
Visit www.ukmusic.org to read the full report.
