Music industry contributes £5.8 Bn to UK economy with music tourism contributing another £4.7 Bn in benefits according to a new report by UK Music. The Music By Numbers 2020 report contains details of the contribution of the live and recorded music sectors of the British music industry to the economy. The report shows that the UK music industry continued to grow in 2019 across every sector before the COVID enforced shutdown hit in early 2020.
The report measures the health of the music business by collating data about its contribution in goods and services to the economy. That economic contribution is known as Gross Value Added (GVA), to the UK’s national income (Gross Domestic Product/GDP). Exports are part of this contribution.
The new figures in the Music By Numbers 2020 report are for the 12 months up to 31st December 2019. They do not reflect the devastating impact of the COVID-19 pandemic just weeks later in early 2020.
Despite the buoyant 2019 figures the industry now faces a marathon effort to get back on its feet as it strives to return to pre-COVID levels of success as swiftly as possible.
Key facts from Music By Numbers 2020
- The UK music industry contributed £5.8 billion to the UK economy in 2019 – up 11% from £5.2 billion in 2018.
- Employment in the industry hit an all-time high of 197,168 in 2019 – an increase of 3% from 190,935 in 2018.
- The total export revenue of the music industry was £2.9 billion in 2019 – up 9% from £2.7 billion in 2018.
- In addition to the industry’s direct economic contribution, music tourism alone contributed £4.7 billion in terms of spending to the UK economy in 2019 – up 6% from £4.5 billion in 2018.
Jamie Njoku-Goodwin, UK Music Chief Executive said, “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.”
“This report shows just how valuable our music industry is – and how important it is that we take action to protect it. The UK music industry was a vibrant, fast-growing and commercially successful sector before the pandemic hit, and with the right support it can be again.”
“I am convinced we have the people, the drive and determination to fire up our industry once more and become a key part of our country’s post-COVID-19 economic and cultural revival.”
The full report can be accessed here.
