British music industry adds over £4 billion to UK economy

Not legal news – but important to appreciate – the UK music industry bolstered the national economy by £4.1 billion in 2014.

Last year saw the music market grow by 5% whist the UK economy itself, overall, increased by 2.6%

Key growing areas in music include revenues collected by artists and songwriters which rose by 11% to £1.9 billion and live music which increased by 17% to £924 million.

Thanks to a strong year of releases from globally successful UK acts – such as Ed Sheeran, One Direction, Coldplay and Sam Smith – Britain now accounts for 13.7% of total global sales, making it the second-largest source of recorded music in the world. One in seven albums sold in 2014 was by a British act. (FYI Ed Sheeran’s ‘X’ was the biggest-selling album of 2014 and is also the best-seller of 2015 so far too.)

However, revenue from recorded music sales was down by £3 million, with 2014’s total falling to £615 million. UK Music – the body who compiled the data – blamed the dive in recorded music sales on downloads and streaming services which, chairman Andy Heath said, hold an “unacceptable balance of negotiating power”.

Stats: UK Music’s Measuring Music 2015 report

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