Music sector size and value

Latest industry data estimates that the core music industry made an estimated economic contribution - also known as Gross Value Added or GVA - of about £4.4bn to the UK economy in 2016 and supported 142,208 jobs. 

Three of the top five best selling artists worldwide in 2016 were British (Adele, Coldplay and David Bowie) and UK music generated £2.5bn in export revenues. 

The total audience for live music in the UK was 30.9m with 27m attending concerts and 3.9m going to music festivals.

The £4.4bn of music revenues in the UK market break down as: Musicians, composers, songwriters & lyricists (£2bn); Live Music (£1bn); Recorded Music (£640m); Music Publishing (£473m), Music Representatives (£96m).

The £2.5bn of UK export music revenues break down as: Musicians, composers, songwriters and lyricists (£964); Music Publishing (£649m); Recorded Music (£421m); Music Representatives (£319m) and Live Music (£80m).

Source: Measuring Music, UK Music.

Published: Summer 2017

UK Music Consumption

Official data release by the BPI, the music labels' association, reported that 135.1 million albums or their equivalent were either streamed, purchased or downloaded in 2017. This represents a 9.5 per cent rise on 2016 and marks a third year of consecutive volume growth. Some 68.1 billion audio streams were served – accounting for over half of UK music consumption.

The 2nd week in December also saw a new milestone of more than 1.5 billion audio streams delivered in a single week.

Sales of vinyl were up 26.8 per cent as unit sales hit 4m mark; LPs now account for almost 1 in 10 physical purchases.

Source:  BPI release, January 2018.

Music tourism

 

The UK's music attractions including festivals, concert venues and musical heritage sites, generated an estimated £4bn of direct and indirect spend in 2016. (i)

It is calculated that 12.5m people journeyed to musical events - 'music tourists' - in 2016, meaning that about 40 per cent of the audience for music events comprised tourists.

The number of musical tourists to the UK has risen by 76 per cent since 2013. In addition, there were an estimated 47,445 full time UK jobs in 2016 supported by musical tourism. (ii)

Musical tourists spent an average of £850 a head on tickets, transport, accommodation and related costs, amounting to about £4bn of revenue for the UK.

Sources: (i)  Measuring Music 2017, UK Music; (ii) Wish you were Here 2017, UK Music.

Related:

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