UK Music is delighted to report that the UK music industry was worth over £4bn to UK GDP in 2014.
Now in its third year, Measuring Music showcases the true weight of our commercial music sector. It provides us with the data to accurately tell Government and policy makers just how important an industry we are to the UK economy. It is a unique report that only UK Music could generate thanks to the direct access to our membership’s collective data. It has helped plug a longstanding information gap allowing us to give a true and honest reflection of the value of our industry.
The music sector outperformed the rest of the British economy last year by generating 5% growth. Our global success can be measured by the £2.1bn generated in export revenue, thanks in part to a 17% rise in recorded music exports. This contributes to the huge cultural footprint and soft power generated by the international success of artists like Sam Smith, Ed Sheeran and One Direction. The UK is now recognized as the second largest provider of musical repertoire in the world, boosted not least by the £0.5bn investment from UK record labels and music publishers in 2014.
Music supports in excess of 117,000 full-time jobs across all of its sectors. While the final figures are impressive, the UK Music survey of musicians revealed that 35% of them are not paying into pension schemes, and 21% of them had undertaken work for free during the past year with the aim of furthering their career. The varying roles, contributions and careers of musicians and songwriters are showcased in a series of case studies in this report.
UK Music will continue to work for the best possible future for every part of our varied and stunningly diverse industry.