Industry body UK Music published its latest Measuring Music report containing 2017 data, showing a nine-percent growth in recorded music and virtually no change in live music revenues.
Live music, ranging from major festivals to intimate concerts in grassroots music venues contributed £991 million to the UK economy in 2017, compared to £1 billion the year before.
Thanks to a nine-percent year-on-year surge in recorded music to £700 million, as well as a seven-percent rise in publishing income to £505 million, the UK’s overall music economy still grew.
Compared to 2016, the UK’s music sector gained two percent, and contributed £4.5 billion ($5.7 billion) to the country’s overall economy.
Exports, i.e. revenues generated by British artists and companies outside the UK, grew by seven percent to £2.6 billion.