London, UK (November 6, 2018)—Industry-funded body UK Music has published its annual Measuring Music economic study, revealing growth across almost every sector and a significant presence on the world stage.
According to a statement in Measuring Music 2018 from Margot James, the UK’s Minister for Digital and the Creative Industries, “The report demonstrates continued sustained growth with the music industry now contributing £4.5 billion to the economy. Exports have risen to £2.6 billion and the sector employs 145,815 people.”
The UK music industry grew by 2% in 2017, up by £100 million on 2016, to contribute £4.5 billion to the economy—a record. Strong sectors include recorded music, which grew 9% to £700 million, and music publishing, which increased by 7% to £505 million. Musicians, composers, songwriters and lyricists are credited with contributing £2 billion to the UK economy, an increase of 1% over the previous year.
The export figure of £2.6 billion signifies a 7% increase year-over-year. According to the report, recorded music exports accounted for £468 million (an 11% increase), music publishing exports also grew 11%, to £719 million, and music representatives added £348 million, or a 9% increase, to total music industry exports.
The report breaks down those employment figures, which represent a 3% growth to a new high: 91,153 are musicians; 28,659 are employed in live sound; 13,029 are in the production sector; 9,642 are in recording; 2,884 are listed as representatives; and there are 1,049 employed in publishing.
James continues, “2017 was a very successful year globally for the UK music industry. Ed Sheeran’s third album ÷ (Divide) was the biggest selling album of the year. The O2 in London was officially the most popular live music arena in the world. Five of the top ten most successful worldwide tours were from UK acts. 2018 is proving to be no different.”
Live music attendance throughout the UK contributed £991 million last year, the report states. While the five UK touring acts are not mentioned in the report summary, figures released by Pollstar in June included UK artists Ed Sheeran (at #1), the Rolling Stones, Harry Styles and Depeche Mode among the top global tours for the first half of this year. Other successful British acts including Dua Lipa, Rag’N’Bone Man and Stormzy, Measuring Music reveals.
UK Music • www.ukmusic.org