According to UK Music’s latest ‘Measuring Music’ report, the UK music industry contributed £4.1bn to the UK economy in GVA (Gross Value Added) in 2014- an increase of 5% year-on-year from £3.8bn in 2013.
Measuring Music is an annual economic study of the UK music industry’s contribution to the national economy.
Live music tourism contributed £3.1bn to the UK economy last year with live music sector seeing the biggest area of growth in both GVA and employment in 2014.
Musicians, composers, songwriters and lyricists contributed £1.9bn to the economy with 117,000 full time jobs provided within the industry during the period. The report also states that one in seven of all artist albums sold across the globe were by British artists, whilst five of the top ten selling albums were by UK acts.
Commenting on the sector’s performance, UK Music CEO Jo Dipple said: “2014 proved to be another hugely successful year for British music. The sector outperformed the rest of the UK economy and grew by 5% year-on-year. Music contributed a staggering £4.1bn to the UK economy, and exports generated £2.1bn. The UK’s cultural footprint and soft power were driven by the global success of artists like Sam Smith, Ed Sheeran, Pink Floyd, Ellie Goulding, One Direction and Calvin Harris”.
Culture Secretary, John Whittingdale MP added: “Our artists continue to dominate the global charts – and shows from the Royal Ballet and Rod Stewart to the LSO and Status Quo, sell out concerts across the globe. In fact, many people around the world first learn about this country through one of our bands. Our music industry alone contributes more than £4 billion a year to the UK economy. It creates wealth and jobs as well as providing entertainment to millions. UK Music’s Measuring Music is extremely useful in describing the economic impact of commercial music”.
Find out more and read the report here.
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