Monday, 16 December 2013
UK Music worth £3.5 billion annually
The UK music industry contributed £3.5 billion to the UK economy in 2012, according to new figures from cross-sector trade body UK Music. The £3.5 billion in 'added value' constitutes the profits made and wages paid by the music industry. According to The Times, that figure includes £1.6 billion related to musicians, composers and songwriters, £662 million from live music, £634 million from recorded music sales and £402 million from music publishing. UK Music also calculated that the music business accounts for £1.4 billion in exports and employs 100,000 full-time employees.