Music industry contributes 5.7 bln USD to British economy: report
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E-mail Xinhua, December 17, 2013
Music industry in Britain is estimated to contribute 3.5 billion pounds (5.7 billion U.S. dollars) each year to British economy, an industry lobbying group said Monday.
UK Music, an organization representing commercial music industry in Britain, gave the figure in a report issued Monday.
The group said the figure includes 1.6 billion pounds of contribution from musicians, composers and songwriters; 634 million pounds from recorded music; 662 million pounds fro live music; 402 million pounds from music publishing; 151 million pounds from music representatives; and 80 million pounds from music producers and recording studios.
Export value of British music industry is 1.4 billion pounds a year, and the industry also provides more than 101,000 full-time jobs, said UK Music.
Jo Dipple, chief executive of UK Music, said the figures show that British music is a "substantial contributor to the economy," calling music "a formidable asset to the UK."
"The Government has said it wants to support the creative industries but until now it has not had the precise data to hand," Dipple added.
"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," she said.
Another report of the UK Music also showed that music-loving tourists added billions to British economy by attending live music events each year.
Figures indicated that some 6.5 million music-loving tourists generated 2.2 billion pounds for the economy while attending festivals and concerts in 2012.
The UK Music called on the government to adopt a music tourism strategy and start developing joined-up policies with the organization to help exploit economic advantage of the country's music industry. Endi
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