Economics Archives

1 in 10 songs streamed globally are by British artists

02/01/2021

1 in 10 songs streamed globally are by British artists with the UK share four times its GDP share according the BPI. The analysis is based on the music charts of 14 major markets which represents around three quarters of global recorded music consumption. The 10.1% share of global streaming is four times greater than its share of global GDP (2.2.%) underlining the UK’s exceptional performance in music. The 1 in 10 result highlights the […]

Music industry contributes £5.8 Bn to UK economy

21/11/2020

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 […]

Music supports 2 million jobs in EU and UK

17/11/2020

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 cost of music is falling

12/04/2019

The cost of music is falling but the cost to the environment is increasing according to recent research conducted by the University of Glasgow and the University of Oslo. The price consumers have been willing to pay for listening to recorded music has never been lower while its carbon emissions costs have soared. Dr Matt Brennan from the University of Glasgow, who led the research on the changing economic cost of recorded music, said: “The […]