Music industry exports contributed £4 billion to UK economy in 2022
A new report from UK Music has revealed the exportation of the British music industry boosted the economy by £4billion in 2022.
The annual study, This Is Music, analyses the wider economic impact of the exportation of the music industry over the last 12 months and also explores future trends. The £4 billion takes into account money made from the business from live shows, record sales, publishing rights, and merchandising.
Additionally, in gross value-added terms, the figure stands at £6.7 billion. It was also revealed that employment in the British music industry currently stands at 210,000. Gross value added relates to the impact made on GDP.
UK Music’s interim chief executive Tom Kiehl said of the report: “The UK music industry and its exports have grown beyond doubt to hit new heights, which is fantastic news in terms of our sector’s contribution to jobs and the economy.”
Kehl continued: “However, the competition for international markets is intensifying rapidly. The UK’s competitors are increasingly well-funded and can often count on far more support from their governments. South Korea, Australia and Canada have invested heavily in music and cultural export offices to help grow their overseas markets.”
“The UK has several successful export schemes, such as the Music Export Growth Scheme and the International Showcase Fund. However, we need far more support – otherwise we risk the UK being left behind in the global music race and that would be a bitter blow for music industry and a missed opportunity to grow our export market,” he added.
On a global level, the report highlighted discoveries made by the IFPI, which show the global recorded music market grew by 9% in 2022. However, this growth was largely in Asia and Latin America.
Culture Secretary Lucy Frazer also said: “We want to keep up the momentum by maximising the potential of this world-beating industry. We are investing millions to boost music venues, helping artists crack overseas markets and supporting the talent pipeline, while also working with the sector to tackle the challenges and opportunities posed by artificial intelligence.”
The publication of the new report coincides with International Trade Week, taking place from November 6th until the 10th.
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