Music contributed £4.1bn to the British economy in 2015, aided by increased export growth across the sector, according to the new Measuring Music 2016 report.
UK Music’s extensive study finds that over the past four years, the industry’s Gross Domestic Product (GBP) contributions were up 17 percent, with exports and employment both up 11 percent.
In comparison, the wider UK economy’s GBP grew by 10 percent during this period.
The live sector has played an important part in the industry’s growth, particularly around exports, which have grown by 90 percent during the past four years.
At home, a total audience of 27.7 million attended live music events in 2015.
Elsewhere, the report finds that British recorded music continues to perform strongly across the world, with five of the top 10-selling artists in the world last year, and one in six albums bought globally, from British talent.
The global recognition and success of UK artists like Adele, Coldplay and Ed Sheeran helped music exports rise again last year with growth up 8.9 percent from 2014.
In terms of the UK’s digital music market, subscription streaming is still showing huge growth, with the value of paid services jumping from £168m in 2014 to £251m in 2015.
UK Music Chief Executive, Jo Dipple said: ‘Measuring Music 2016 shows the strength and resilience of the British music market over four years. Distribution changes, trends may come and go, but all the while our music outperforms both in the UK and all over the globe.
‘The UK needs to solidify its new post-Brexit place in the world and music will undoubtedly be part of the glue that does this. Our export profile is astounding which is partly why music, like sport, gives the world an understanding of our small country. UK Music’s goal is to work with government to convince them to give us policies as good as the music we produce.’
Culture Secretary Karen Bradley MP said: ‘Of all the albums sold across the globe last year an incredible one in six was by a British artist. The extraordinary success of artists like Coldplay and Adele added billions to our economy.
‘We want to maintain and build on that success. The government is working closely with industry bodies, such as UK Music, to make it easier for these artists to do business and is investing in music education to nurture the next wave of successful British artists, who we want to see perform across the whole world.
‘But the value of music goes beyond the economic. People around the world get their first taste of British culture via our music, while for millions at home it is a source of entertainment and creative expression. Above all, it simply brings us joy. I want all our children, from every background, no matter what their aspirations, to have music in their lives.’