The music sector once again out-performed the rest of the United Kingdom economy with growth last year of 5%. The UK economic growth was only 2.6%. In a report published yesterday, the trade body UK Music said “An annual economic study that reveals the true scale of the UK music’s vast contribution to the UK economy. 2014 proved to be a buoyant year for music with increased growth across the sector contributing to a staggering £4.1bn overall contribution to the UK’s economy.”
According to the report the UK is the second largest provider of repertoire in the world. In 2014 one in seven of all albums sold across the globe were by UK artists, whilst five of the top ten selling albums were by UK acts. One of the biggest success stories was (and still is) Sam Smith who recently had number 1 chart success with the latest James bond theme tune. His multi-platinum debut album In the Lonely Hour sold over 9 million copies globally and was the only album to sell over a million copies in 2014 in both the UK and the US. Other major artist include, Ed Sheeran, One Direction and and of course the every eternal Pink Floyd.
The live music sector saw the biggest area of growth and employment in 2014. There were around 26.7 million visits made to UK live music events. Live music tourism contributed £3.1bn to the UK economy. There are around 117,000 people employed by the British music industry of which 69,300 are artists, 25,100 involved in live music, and around 19,400 producing and recording music.
UK Music Chairman, Andy Heath said: “The sector is growing again, and that is thanks to the recognition and adoption of new technology and the continued power of a vibrant live music sector. We continue to lead the world in song writing, composing, production, recordings and live performances.”
The popular view that the music industry is in decline is certainly not the case in the United Kingdom. Although there has been a small decline in revenues from recorded music, the view is this will stabilise over time when the right constructs are put in place. the UK is still the best place on the planet for serious artists.
