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Music industry figures outpace UK economy

The UK music industry contributed £4.1billion to the county’s economy in 2014, figures have revealed.

Trade body UK Music conducted the Measuring Music study which shows the market grew by 5% – outpacing the British economy which grew 2.6% in the same period.

Musicians, composers, songwriters and lyricists contributed £1.9bn while music exports made up £2.1bn in revenue.

British artists accounted for one in seven albums sold across the world last year, with Pink Floyd’s The Endless River one of 2014’s best-selling albums, shifting 2.5million copies.

UK Music chief executive Jo Dipple says: “Now in its third year, Measuring Music helps show the true weight of our commercial music sector and the scale of its global reach and impact. It also helps us articulate just how culturally important the British music industry and the 117,000 people it employs are to our nation.

“UK Music will continue to work with Government for the best possible future for every part of our varied and stunningly diverse industry.”

In addition, the report found that live music revenues were up by 17% year-on-year thanks to the success of festivals such as Download.

Scott looks after and updates Louder’s online buyer’s guides and also scouts out the best deals for music fans from every corner of the internet. He's spent more than 28 years in newspapers and magazines as an editor, production editor, sub-editor, designer, writer and reviewer. Scott joined our news desk in the summer of 2014, where he wrote extensively about rock, metal, prog and more, before moving to the eCommerce team full-time in 2020. Scott has previous written for publications including IGN, Sunday Mirror, Daily Record and The Herald covering everything from daily news and weekly features, to video games, travel and whisky.