Music industry figures outpace UK economy
Market grew by 5% in 2014 as artists helped generate £4.1billion
The UK music industry contributed £4.1billion to the county’s economy in 2014, figures have revealed.
Trade body UK Music conducted the Measuring Music study which shows the market grew by 5% – outpacing the British economy which grew 2.6% in the same period.
Musicians, composers, songwriters and lyricists contributed £1.9bn while music exports made up £2.1bn in revenue.
British artists accounted for one in seven albums sold across the world last year, with Pink Floyd’s The Endless River one of 2014’s best-selling albums, shifting 2.5million copies.
UK Music chief executive Jo Dipple says: “Now in its third year, Measuring Music helps show the true weight of our commercial music sector and the scale of its global reach and impact. It also helps us articulate just how culturally important the British music industry and the 117,000 people it employs are to our nation.
“UK Music will continue to work with Government for the best possible future for every part of our varied and stunningly diverse industry.”
In addition, the report found that live music revenues were up by 17% year-on-year thanks to the success of festivals such as Download.