MI2N
Music Industry News Network
WEDNESDAY, APRIL 16TH
Advanced Search
MusicDish Advertising Network
Subscribe to Mi2N's Free Newsletters B2N (business) i2N (indie)
HOME | FREE NEWS SUBMISSION | PREMIUM PR DISTRIBUTION | PR COPYWRITING | RSS FEEDS | TESTIMONIALS | CONTACT

Sections: Band | Business | Career | Events | Label | Music Releases | Radio | Tech | Video | Web Events
Genres: Country/Folk | Dance/Electronica | Jazz/Blues | Latin | Rock | Urban | World
International: Asia | Canada | Europe

Advertise | Artist Development | Submit Video | MusicDish*China | MusicDish e-Journal | MusicDish Network | Urban Music News Network
Business News (more headlines) 12-28-2013

True Value Of Music Industry To UK Economy Revealed

Bookmark and Share

This is made up of: £1.6bn from musicians, composers and songwriters; £634 m from recorded music; £662m from live music; £402m from music publishing; £151m from music representatives; £80m from music producers, recording studios; £1.4bn the value of exports; 101,680 full time jobs.

UK Music have release an in-depth report into the music industry's contribution to the economy. UK Music has assessed the economic contribution of the music industry in terms of GVA, exports and employment

* GVA is the contribution by the industry to GDP
* Exports are the component of this contribution generated by revenues from outside the UK
* Employment is the number of jobs sustained by this contribution

This is the most exhaustive study to date on the economic contribution of the core UK music industry.

Existing estimates of the contribution of the music industry to the British economy are flawed. Government is reliant on ONS for the data they publish about the creative industries. This is bound by international standards which represent music poorly. As ONS data depends on these standards, data on the music industry is weak. Government cannot tease out the separate contribution of music and has to put music data together with other creative sectors. Government therefore cannot report on the music industry as a stand-alone industry because of the weakness in the data. The national accounts fail the music sector:

• The music industry is not categorised as a specific industry. Music companies are widely dispersed across many SIC codes in the national accounts making it impossible to accurately analyse the sector.
• Even within the most relevant SIC codes that exist in the national accounts, music cannot be disaggregated from a much wider group which includes all of the performing arts (dance, theatre, opera, circus, comedy, variety) and visual arts (galleries, etc).
• Difficulties in accurately capturing and reporting on the music industry's large proportion of micro-companies, sole traders and freelancers mean that their contribution to GVA cannot be attributed to the music industry in official estimates

Commenting on the report, UK Music CEO Jo Dipple said: "This shows for the very first time exactly how much music - in all its guises - contributes to the UK economy in terms of GVA, exports and employment. It shows that British music is a substantial contributor to the economy. Our music might be fun, but it is also a formidable asset to the UK.

"Government has said it wants to support the creative industries but until now they have not had the precise data to hand. They do now.

"A realistic picture of the how the industry is made up will lead to a better understanding of what investment and regulatory environment is needed to help our industry thrive. It is a great UK success story, but now it can be even better understood and developed."

Bookmark and Share

back | top



MusicDish Advertising Network

Mi2N Music PR

Taiwan Rock Band Io Homecoming Concert At Canadian Music Festival

A Festival Giving Back To The Men And Women Who Gave To Us

Rapper NazB Brings Greater Awareness Through His Lyrics On "Rape (Shame)"

Taiwan Announces First Ever Export Mission To Canada For Canadian Music Week 2014

Al Ca$ino, Too $hort, And Clyde Carson Drop Remixes For Hit Single, "Only For Tonight"

Dongless Eventide H3000 Factory And Blackhole Update Posted

Former Journey Frontman Robert Fleischman Releases New Album "Majestic" With Band The SKY On Skyzilla Music

Singer-Songwriter, Sci-Fi Icon Jane Badler Releases Volcano Boy, Video Premieres On Music Week

Mi2N's Music PR distribution service guarantees online exposure for your press release. Choose from seven (7) different packages.


News Headlines
Mi2N EDITOR'S PICKS
» GEMA Posts Positive Result For 2013
» Amadeus Releases The New ‘PMX 4’ Miniature Loudspeaker At Musikmesse
» PledgeMusic And Cleopatra Records Join Forces To Re-issue Van Morrison's The Complete 1967 Bang Sessions
» Audio-Technica Posts Online Video Series Exploring Mic Techniques In Real-World Applications
» Nokia MixRadio Reaches 30 Millionth Track Landmark
» Warner Music Japan Names Senior Management Team
» Bloom.fm Hits Million Users
» SOTX 2014, Developing Chinese And Western Music Industries
» Santana, Wyclef, Avicii & Alexandre Pires Selected For The Official Anthem Of The 2014 FIFA World Cup
» Three Days Grace, Guitarist, Barry Stock Launches MEAN Clothing Company


Get your music news covered...
Have your press release written
by the pros at Mi2N

Articles
MUSICDISH E-JOURNAL
» The Philadelphia Orchestra In Shanghai - A Live Concert Streamed Globally
» Taiwan Bands Join Canadian Music Festival (Chinese Version)
» MusicDish & Indiloop Present: The "Meet Taiwan" Remix Contest
» Pairs (Shanghai) New Album 'Brief Lesbian'
» Beijing Solo Acts GUIGUISUISUI And Thruoutin To Tour Taiwan
» A Festival Giving Back To The Men And Women Who Gave To Us
» Executive Wach: Berklee College Of Music, BMG, SOCAN, SESAC, Riptide Music Group, CISAC
» Taiwan Announces First Ever Export Mission To Canada For Canadian Music Week 2014
» Interview With C-pop Industry Veteran Billy Koh
» Taiwan's DJ Code To Play The LV Flagship Hong Kong Store In April
» SOTX 2014, Developing Chinese And Western Music Industries
» Introduction To Sound Of The Xity (SOTX)

Order an Mi2N Music PR package for an opportunity to submit a song for FREE to one of the hundreds of industry opportunities available through Music Xray


HOME | FREE NEWS SUBMISSION | PREMIUM PR DISTRIBUTION | PR COPYWRITING | RSS FEEDS | TESTIMONIALS | CONTACT

Sections: Band | Business | Career | Events | Label | Music Releases | Radio | Tech | Video | Web Events
Genres: Country/Folk | Dance/Electronica | Jazz/Blues | Latin | Rock | Urban | World
International: Asia | Canada | Europe

Advertise | Artist Development | Submit Video | MusicDish*China | MusicDish e-Journal | MusicDish Network | Urban Music News Network
Copyright © 1997-2014 MusicDish LLC, all rights reserved. Text, graphics, and HTML code are protected by US and International Copyright Laws, and may not be copied, reprinted, published, translated, hosted, or otherwise distributed by any means without explicit permission.