UK Music Report – How much Money is the UK Music Industry Worth?
Despite our little island’s demanding financial circumstances, British music continues to out-perform quite a number of other sectors of the UK economy – according to the annual study published by the umbrella trade organization UK Music.
The latest figures are from the year 2015-16 and they show that British music added a massive £4.1bn towards the UK economy. that’s billion and not million! Approximately half of this revenue comes from music exports worth of £2.2bn, – largely thanks to our main exports like: Ed Sheeran, Adele and Sam Smith.
According to the report, the UK continues to influence world’s music market to such an extent that 1 in 6 of the total amount of albums sold anywhere in the world came from British artists, whilst half of the year’s top selling albums were made by Britons.
“The extraordinary success of artists like Coldplay and Adele added billions to our economy”, said culture secretary Karen Bradley in the report. “We want to maintain and build on that success. The Government is working closely with industry bodies, such as UK Music, to make it easier for these artists to do business and is investing in music education to nurture the next wave of successful British artists, who we want to see perform across the whole world. The value of music goes way beyond the economic. People around the world get their first taste of British culture via our music, while for millions at home it is a source of entertainment and creative expression”.
This report is a timely reminder of how music is the engine room of the creative economy, despite the fact that funding for the creative arts is being cut on a daily basis. Also, in the professional arena, when music is needed for a video or film it is the last bit to be considered and the first place where costs are cut. As we’ve mentioned before in an article called Audio Branding : How Are Commercials Like Feature Films…? we strongly feel that a successful music creation or selection and placement can not only serve several purposes within a moving image project – from adding to the emotions, solidifying the branding, as well as supporting new talent (musicians, composers, songwriters), and making sure they are there when we need them.
Did you ever try and watch TV with the sound turned down? Exactly!
(part2 to follow)