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 Munro
Louder e-commerce editor

Scott has spent 35 years in newspapers, magazines and online as an editor, production editor, sub-editor, designer, writer and reviewer. Scott joined our news desk in the summer of 2014 before moving to the e-commerce team in 2020. Scott keeps Louder’s buyer’s guides up to date, writes about the best deals for music fans, keeps on top of the latest tech releases and reviews headphones, speakers, earplugs and more. Over the last 10 years, Scott has written more than 11,000 articles across Louder, Classic Rock, Metal Hammer and Prog. He's previously written for publications including IGN, the Sunday Mirror, Daily Record and The Herald newspapers, covering everything from daily news and weekly features, to tech reviews, video games, travel and whisky. Scott's favourite bands are Fields Of The Nephilim, The Cure, New Model Army, All About Eve, The Mission, Cocteau Twins, Drab Majesty, Marillion and Rush.