UK music exports generated £4 Bn in 2022 according to UK Music, the collective voice of the UK music industry representing all sectors of the industry. In their annual economic report, This is Music 2023, they set out the contribution made by the music industry to the UK economy. Their key findings were: UK music exports generated £4 Bn in 2022 – a figure aided by growth in recording and music publishing, as well as […]
COVID-19 wiped out a third of music jobs in UK according to a recent study by UK Music, an organisation that represents all sectors of the UK music industry. In its annual report, This is Music 2021, it reveals the devastating impact of COVID-19, which wiped out 69,000 jobs – one in three of the total workforce. Key findings of This is Music 2021 Employment plunged by 35% from 197,000 in 2019 to 128,000 in […]
UK MPs call for a ‘complete reset’ of music streaming to fairly reward performers and creators according to a report of the DCMS Committee into the Economics of Music Streaming. The inquiry was launched in October 2020 and received from than 300 pieces of written evidence from artists, songwriters, producers, record labels and streamers including Spotify, Amazon, Spotify and YouTube. The committee found that successful artists see ‘pitiful returns’ from streaming while some performers are frozen out […]
Daniel Ek, the founder and CEO of Spotify discusses the economics of music streaming in a recent blog posting and announces the creation of a new website, ‘Loud & Clear’ which aims to provide clear explanations of the economics of music streaming. Spotify was founded in 2006 in Stockholm, Sweden where Ek was born and raised. Since its 2014 low, the music industry has grown by 44%, driven primarily by streaming revenues, which increased 500% […]
Music powers the American economy according to a new report by economists Robert Stoner and Jéssica Dutra of Economists, Inc. Sponsored by the RIAA the report provides the latest look at the music industry’s contribution to the US economy. The report evaluates pre-pandemic data and documents music’s ability to drive job creation and economic growth, especially as the country’s pandemic recovery efforts gets underway. According to the report, the music industry contributes $170 billion to […]
Streaming has added £3.5 Bn to UK music industry according to an ERA report to UK Parliament’s Digital, Media, Culture and Sport Committee enquiry into the economics of music streaming. The submission explains that around 70% of revenues of streaming services are paid direct to the music industry via record companies, music publishers and collection societies. “Streaming services typically have no direct financial relationship with artists or songwriters, and are not privy to those contracts,” it says. […]
More UK artists reap the rewards of streaming with 1,800 artists achieving more than 10 million streams in the UK alone in the past 12 months according to data compiled by the BPI. This is 72% more than the total of 1,048 artists who achieved the equivalent 10,000 album sales in the CD, LP and download market of 2007. Streaming has also made the market more ‘democratic’ – the top 10 artists dominated less of […]
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