British Music Industry Boosts the UK Economy by £3.8bn

by


Recently published statistics have shown that the British Music Industry is starting to become more valuable to the UK economy. In 2013, an annual trade report showed an increase of 9% in the sector in comparison to the previous year. As a result, lobbyists have begun to call for a stronger framework for a national copyright.

The overall increase has been traced to various individual revenues gathered by UK-based:

* Singers

* Musicians

* Songwriters

* Composers

* Lyricists

Evidence showed a rise of a little over 6% since 2012, to approximately £1.7 billion. Furthermore, sales of live music rose by almost twenty percent according to the annual music report given by the UK, hitting £789 million. There has also been a huge boost in studio and publishing revenue, as well as an impressive increase in the number of UK music exports taking place, which has seen a rise of around 57% to £2.2 billion.

The Music Industry in the UK and the Economy

Today, over 110,000 individuals currently hold full-time careers within the music industry in the UK. According to the trade body, UK Music, 67,000 of these individuals are professional musicians or artists. IBTimes UK recently released a report stating that the industry is continuously seeking ways to enhance the revenue of musicians. They believe that by integrating the live music experience with the purchasing experience, labels will be able to earn more.

However, an argument has arisen suggesting that the government needs to do more to recognize the contribution of the UK music industry. The copyright framework needs to be stronger and more supported, to ensure that legal music services are given search engine result priority.

Evidently, the government has made some steps towards promoting UK music as a significant export. In June of this year, the UK Trade and investment organization hosted a delegation in LA. They moved to promote the 'sync'―a practice for granting copyright of on-screen music, of UK sounds on Hollywood visual media.

Holding on to a Positive Future for UK Music

To ensure that the success of the UK music industry remains strong, the CEO of UK Music, Jo Dipple has requested the help of anti-piracy education, copyright law, and small-business training. In a response to the industry figures that UK music published, the British minister of culture, Sajid Javid, suggested that the music sector could be one of the biggest success stories for the country at this time.

Now if they could just lower their taxes and cut their regulations they could see growth in every other sector. And if they just dropped their socialized health care program they could see businesses thrive because of this heavy tax they all must pay. Higher business revenue means more jobs and more expansion.

The culture minister announced that the power of music is highly beneficial in the way that it is driving economic growth for the country. On top of this, the sounds of British artists are helping to spread the culture of the country across the world. Today, one in every eight albums that are sold world-wide was created by a British artist (the rest are by Eminem and Katy Perry!). With support from the government, the sector could easily continue to flourish and grow.