UK economy gains £4.1bn from British music industry
One in seven albums sold around the world last year were by British artists, with names such as One Direction and Coldplay joining the ranks of legacy acts such as The Beatles and Pink Floyd.
In total, the British music industry generated £4.1bn for the UK economy in 2014, representing a growth of 5% as opposed to the overall economy’s rise of 2.6%.
Musicians, composers and lyricists
Trade body UK Music published the figures, which highlighted the way in which musicians, composers and lyricists’ revenues increased by 11% to £1.9bn. Live music sales were worth £924m, an increase of 17%.
The report shows that Britain accounts for 13.7% of global music revenues and is the second largest provider of recorded music in the world.
Recorded music falls
However, the top line figures mask the fact that revenues from recorded music actually fell by £3m last year, according to the report.
UK Music chairman, Andy Heath, said that downloading and online streaming outlets have an "unacceptable balance of negotiating power" that puts a stranglehold on the amount of revenue that can be generated.
Heath went on to say that if this were to change, "the current growth ... could improve exponentially."
The British music industry employs a total of 117,000 people, of which 69,300 are professional musicians.
UK Music's yearly Measuring Music survey revealed that 21% of UK musicians had worked for free in the last year as part of efforts to further their career.