UK Music boosted economy by £5.8bn in 2019

UK Music has posted financial results for the music industry’s performance in 2019 showing how the sector contributed £5.8bn to the economy pre-Covid-19. 

According to the report, the industry enjoyed continued growth with the total contribution up 11 percent from the £5.2bn recorded in 2018. The likes of Stormzy, Ed Sheeran and Dua Lipa were among the star names who helped the sector boom. 

Employment in the industry hit an all-time high of 197,168 in 2019 - an increase of three percent from 190,935 in 2018.

The figures are recorded before the devastating impact on live music from the arrival of Covid-19. 

While the wider sector has been hit, ICMP’s students and alumni have adapted like everyone else to the ongoing impact of the pandemic. 

Paul Kirkham, ICMP's Chief Executive, said:

The industry has taken a blow from Covid-19 but we’re very optimistic for its future. At times like this, the world needs music more than ever and we believe our students and graduates will be able to play a key role in providing a great sound track to the UK recovery.”

“We’re also very proud of how our students have shown such resilience during this tough time. From live streams to virtual choirs, they’ve demonstrated the creativity and innovation needed to thrive in the music industry and the kind of skills which will serve them well when the industry bounces back.” 

UK Music Chief Executive Jamie Njoku-Goodwin said: “2019 was a fantastic year for the UK music industry, and we were firmly on track to be one of the great British success stories of the coming decade.

“When the time comes to recover from this pandemic, our world-leading music industry can be a key part of our country’s post-Covid economic and cultural revival – but we need the right support to get us there.” 

Further findings from the study showed how the total export revenue of the music industry was £2.9 billion in 2019 - up 9 percent from £2.7 billion in 2018. 

Visit the UK Music website to learn more.