Music supports 2 million jobs in EU and UK and contributes €81.9 Bn annually to the economy according to a study by Oxford Economics commissioned by IFPI. The study, entitled The Economic Impact of Music in Europe, using 2018 data, found that music’s annual economic contributions to the EU28 include:
- Supporting two million jobs
- Contributing €81.9 billion in gross value added to GDP, and
- Exporting €9.7 billion worth of goods and services to countries outside the EU28.
Frances Moore, chief executive of IFPI, said: “Music is an essential part of Europe, its identity and culture. In so many ways music’s value is incalculable, it thrills us and heals us. Even beyond that, as Oxford Economics’ first-of-its-kind report demonstrates, music makes a vital economic contribution to the European Union and UK – supporting jobs, boosting gross domestic product and tax payments, and driving exports.”
“At the heart of this contribution are the EU’s 7,400 record companies. In addition to employing nearly 45,000 people across the EU, they invest significantly in other parts of the music sector and make a major contribution to Europe’s exports.”
“For music’s essential contribution to Europe to be sustainable for the long term, fair value must be returned to those who create and invest in music. To enable this, the sector needs a fair legal and policy environment in Europe, and we continue to work with policymakers to achieve this.”
The Economic Impact of Music in Europe also examines the music sector’s total impact on employment, finding that it supported two million jobs in the EU28, meaning that one in every 119 jobs depended on it.
The study also found that European music exports (including exports from the UK) generated €9.7 billion in revenues – of which record companies, music publishers, and audio streaming services generated almost half (€4.7 billion). The music sector also played a vital role in generating tax revenues, supporting €31 billion in tax receipts in the EU28 in 2018. This was equivalent to 19.4% of the entire EU budget in the same year.
An infographic summarising the report can be found here and the full report can be downloaded here.
