How much is the music industry worth to the UK economy?

What percentage of the UK economy is the music industry?

Exports are part of this contribution. 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 billion – up 10% on 2017.

How much does the music industry contribute to the UK economy 2020?

Our music industry is a key national asset. As this report shows, it contributes £5.8 billion a year to the economy, generates £2.9 billion in exports, and supports almost 200,000 jobs. It boosts Britain’s standing in the world, bringing a soft power that few other industries can boast.

How much is music worth to the UK economy?

The UK music industry contributed £5.2 billion to the UK economy in 2018. The Live Music sector made contribution of £1.1 billion 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 billion in 2018.

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How much is the music industry worth 2020?

In 2020, the total revenue of the recorded music industry amounted to 23.1 billion U.S. dollars. Streaming made up 56 percent of this figure, bringing in 11.9 billion dollars globally.

How much is the music industry worth worldwide?

Global recorded music revenues grew 7% in 2020 to reach $23.1 billion in record label trade revenue terms. The growth rate was significantly below the 11% increases seen in both 2018 and 2019, and the annual revenue increase was just $1.5 billion, compared to $2.1 billion in 2019.

How much money does the live music industry generate?

According to the source, the revenue will grow from 9.28 billion U.S. dollars in 2015 to 11.99 billion in 2021. Of the revenue generated in 2016, over two billion U.S. dollars was generated in sponsorship and a further 7.4 billion U.S. dollars came in ticket sales.

How does the music industry benefit the economy?

Music drives economic value

It fuels job creation, economic growth, tourism development and artistic growth, and strengthens a city’s brand. A strong music community also attracts highly skilled young workers in all sectors for whom quality of life is a priority. This in turn attracts business investment.

How does music affect the economy?

According to the report, the music industry contributes $170 billion to US GDP annually and supports 2.5 million jobs nationwide in core music activities like recording, streaming, and live performance, as well as adjacent fields like travel, retail, and marketing.

How much is the music industry worth 2021?

Key Facts. Industry trade group the Recording Industry Association of America (RIAA) reported music retail revenues in the U.S. grew 27% in the first half of 2021 to $7.1 billion, up from $5.6 billion last year.

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