UK Music’s report of September 2014 measured the economic contribution of the music industry by gross added value (GVA), exports, and employment. Seems like everything has been going pretty well this year. Thank you, God of Music.
If you’re lying in bed, staring at The Smiths’ poster on your wall, thinking whether your parents will ever forgive you for giving up your engineering career and pursuing your artistic dream, here is some good news for you.
5 Wowzers from the UK Music Industry in 2012-2013:
1. Guess which sector outperformed the rest of the British economy in 2013? Yep, the music sector, contributing nine per cent of growth.
2. Between 2012 and 2013, while Adele was releasing Set Fire to the Rain and Lou Reed’s life was taking one last walk on the wild side, 110,000 music jobs were created in the UK.
3. Growing attendance at live music events has been proven to positively affect UK’s economic growth. In this, not only has the O2 Arena in London sold more music tickets this year than any other venue, but Manchester’s Phones 4U Arena has also been ranked as one of the top three venues in the world.
4. Music exports provided £2.2 billion to the UK economy, additionally representing 60% of the music industry’s entire GVA
5. Record labels and publishers invested more than £420 million in 2013.
Not a bad year, after all. We all hope this will make you jump out of bed, wink at The Smiths’ poster on your wall, and get you working on a new piece with a smile on your face.
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