Music industry contributes £5.2 Bn to UK economy with over half of music industry output exported according to a new report by UK Music. The Music By Numbers 2019 report contains details of the contribution of the live and recorded music sectors of the British music industry to the economy. Recent reports by IFPI show that the UK was the third largest recorded music market in the world last year and the second biggest in terms of streaming.
The full report (36pp) is a free download which can be found here.
Key facts from Music By Numbers 2019
- The UK music industry contributed £5.2 Bn to the UK economy in 2018
- The Live Music sector made contribution of £1.1 Bn in 2018 – up 10% from £991 million in 2017.
- Employment in the industry hit an all-time high of 190,935 in 2018.
- The total export revenue of the music industry was £2.7 Bn in 2018.
- Music tourism alone contributed £4.5 billion spend to the UK economy in 2018 – up 12% from £4 Bn in 2017.
- Overseas visitors to UK shows and festivals surged by 10% from 810,000 in 2017 to 888,000 in 2018.
The flagship annual economic study by UK Music and its members showed that the music industry continued to grow last year across every sector. Successful British acts including Ed Sheeran, Dua Lipa and Sam Smith which helped exports of UK music soar in 2018 to £2.7 Bn. Millions of fans who poured into concerts ranging from festivals to grassroots music venues generated a contribution of live music to the UK’s economy of £1.1 Bn – up 10% on 2017.
UK Music measures the health of the music business each year by collating data from its partners about the industry’s contribution in goods and services, known as Gross Value Added (GVA), to the UK’s national income (Gross Domestic Product – GDP). Exports are part of this contribution.
Although Glastonbury Festival did not take place in 2018 when the data for the report was collected, the rise in the number of other festivals across the UK, particularly in Scotland, such as TRNSMT and Sunday Sessions, boosted the numbers.
Employment in the Live Music sector rose by 7% to 30,529 – up from 28,659 in 2017.
The recorded music sector contributed £568 million in GVA to the UK economy, which is a rise of 5% on £535 million in 2017, and £478 million in exports – an increase of 8% on £452 million. Reflected within this figure, label revenues rose 3% in 2018, representing the third year of consecutive growth.
Michael Dugher, UK Music CEO said, “Our report reveals firm evidence that the British music industry is in great shape and continuing to lead the world. The figures are hugely encouraging and show that, as well as enriching the lives of millions of people, music makes an incredible contribution to the UK’s economy. Live music is now at a record high and continues to draw millions of fans from both the UK and abroad to our arenas and smaller venues alike. Music exports are another amazing success story with the best of British creative talent being showcased across the globe.”
