Measuring Music 2015
25 Apr 2015
UK Music has published Measuring Music 2015 – an annual economic study that reveals the true scale of the UK music’s vast contribution to the UK economy. 2014 proved to be a buoyant year for music with increased growth across the sector contributing to a staggering £4.1bn overall contribution to the UK’s economy. The global recognition and success of artists like Sam Smith and Ed Sheeran helped recorded music exports rise 17% as British artists once-again dominated the global charts. Live music revenues were up by 17% year-on-year and total industry employment now stands in excess of 117,000.
Music’s economic contribution to the UK in 2014:
• 2014 saw a £4.1bn contribution by the music industry to the UK economy in GVA (Gross Value Added).
• The sector once again outperformed the rest of the British economy, with growth of 5% year-on-year (From £3.8bn in 2013)
• 117,000 full time jobs provided within the music industry. The vast majority of which are individuals working in its creative heart. Composing, creating, recording and shaping the future of music. The musicians, composers, songwriters and lyricists alone contributed £1.9bn to the economy.
• Music exports contributed £2.1bn in revenue. This is over half of the industry’s GVA – well above the economy-wide ratio of around 30%.
• Export growth in the recorded sector was an impressive 17% in 2014, reflecting the UK’s status as the second largest provider of repertoire in the world. This was bolstered by the global success of UK artists like Sam Smith, Ed Sheeran, One Direction and Pink Floyd. In 2014 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.
• The live music sector saw the biggest area of growth in both GVA and employment in 2014. This is as a result of almost 26.7 million visits being made to UK live music events last year. In 2014 live music tourism contributed £3.1bn to the UK economy.
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