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The UK music industry grew by 6 per cent in 2016 to contribute £4.4 billion to the economy, a major new report reveals today.
UK Music published the findings of its Measuring Music 2017 report today to highlight the true scale of the industry’s role in the UK economy.
The annual economic study by UK Music and its members showed that the music industry continued to grow last year across almost every sector of the business.
Successful British acts including Ed Sheeran, Adele, Coldplay, Skepta and the Rolling Stones helped exports of UK music soar in 2016 by 13 per cent to £2.5 billion.
Millions of fans who poured into concerts ranging from giant festivals like Glastonbury to small bars and clubs pushed the contribution of live music to the UK’s economy up by 14 per cent in 2016 to £1 billion.
UK Music measures the health of the music business each year by collating data from our partners about the industry’s contribution in goods and services, known as Gross Value Added (GVA), to the UK’s national income or Gross Domestic Product (GDP). Exports are part of this contribution.
The report also includes details of a UK Music survey to test the views of the music industry on Brexit that asked: What impact will the UK leaving the European Union have on your work within the music industry as an artist, producer or when managing talent?
Just 2 per cent thought Brexit would have a positive impact on their chances of work whereas 50 per cent feared leaving the EU would have a negative impact. One in five (19.5 per cent) believed Brexit would have no impact, while 28 per cent responded that they did not know.
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