Recently figures released by UK Music have reported that, across all areas of the industry, during 2012 the UK Music Industry was worth £3.5bn to the economy, with 40% of this resulting from export.
For those who are confused, these figures represent the Gross Value Added (GVA) annual contribution of the entire UK music industry. Simply put, £3.5bn is the grand total of all revenues, from final sales and (net) subsidies, which are incomes into businesses, and covers expenses (wages & salaries, dividends), savings (profits, depreciation), and (indirect) taxes.
Although its contribution is down by £300m from 2011, if we compare this negative 7.9% shift to larger losses from previous years, it does show us that the market is stabilising and making a positive impact on the UK’s recovering economy.
If we break down this figure into each sector we see that ‘Musicians, Composers, Songwriters, and Lyricists’ have come on top from generating £1.6bn, next it is the ‘Live Music’ industry with a huge £662m contribution, surprisingly in third place is ‘Recorded Music’ with a £634m injection, fourth is ‘Music Publishing’ with £402m, next up ‘Music Representatives’ have totaled £151m, finally, and quite shocking, ‘Music Producers, Recording Studios, and Staff’ have added £80m to the economy.
Recently figures released by UK Music have reported that, across all areas of the industry, during 2012 the UK Music Industry was worth £3.5bn to the economy...