UK Music unveiled its Music By Numbers 2020 report today (Nov 18) as it called for urgent help to revive our world-leading industry.
Since 2013, UK Music - the collective voice of the music industry - has published an annual report which reveals the economic contribution of the UK music business to the British economy, which AIM's Members have heavily contributed to each year.
The new figures show an impressive 11% increase in music's contribution to the economy from 2018, with a total economic contribution of £5.8 billion. This includes a significant contribution from recorded music, which grew by 9% in 2019, with a total GVA of £613 million, up from £563 million in 2018. A quarter of the recorded music market in the UK is made up of independent businesses (a total which has increased 1% year on year for the last three years).
However, the figures in the Music By Numbers 2020 report are for the 12 months up to December 31 2019. They do not reflect the devastating impact of the Covid-19 just weeks later in early 2020.
Despite the buoyant figures outlined for 2019, the industry now faces a marathon effort to get back on its feet as it strives to return to pre-Covid levels of success as swiftly as possible.
The key facts in Music By Numbers 2020 include:
- The UK music industry contributed £5.8 billion to the UK economy in 2019 - up 11% from £5.2 billion in 2018.
- Employment in the industry hit an all-time high of 197,168 in 2019 - an increase of 3% from 190,935 in 2018.
- The total export revenue of the music industry was £2.9 billion in 2019 - up 9% from £2.7 billion in 2018.
- In addition to the industry’s direct economic contribution, music tourism alone contributed £4.7 billion in terms of spending to the UK economy in 2019 - up 6% from £4.5 billion in 2018.
The flagship annual economic study by UK Music and its members showed that the music industry continued to grow in 2019 across every sector before the Covid-enforced shutdown hit in early 2020. Read more here.
Commenting on the report, AIM CEO Paul Pacifico said: “This year’s Music by Numbers figures underline the fact that the UK Music industry’s strong growth continued in 2019 with yet another positive increase in GVA to the UK economy. The growth in music revenues across the board reflects the strength and dynamism of the community of independent music entrepreneurs whose businesses cut across all the areas covered in the report. We must make sure these vital businesses are able to recapitalise and reinvest their way out of the crisis when the time comes. The report clearly demonstrates that government support in key areas that cannot currently function will enable the industry to bounce back as soon as the economy re-opens, with an industry ready to respond as soon as restrictions are lifted.”
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