The UK music industry grew by 2% in 2017 to contribute a record £4.5 billion to the economy – up by £100 million on 2016, a new report by UK Music reveals today.
UK Music published the findings of its Measuring Music 2018 report today (Thursday November 1) to highlight the scale of the industry’s contribution to the economy.
The flagship annual economic study by UK Music and its members showed that the music industry continued to grow last year across almost every sector.
Among the big success stories were the record music sector which saw a rise of 9% to £700 million and music publishing which grew by 7% to £505 million in 2017.
Millions of fans who poured into concerts ranging from giant festivals to grassroots music venues generated a contribution of live music to the UK’s economy of around £1 billion (£991 million).
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.