Music contributes £4.1bn to the UK economy

The British music contributed £4.1bn to the UK economy in 2015, with streaming sites such as Spotify, Apple Music and Tidal having provided a "significant boost" to the digital music market, and the live sector playing a key role, particularly around exports, which are up 90 per cent in the past four years. The annual economic study, published by UK Music, shows that the British music industry has grown significantly during this period, despite difficulties and the recession.

Commenting on the findings, 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."

Our experts at Beavis Morgan work with businesses and individuals in the entertainment, media and creative industries, including artists and musicians, assisting with their business plans, establishing the market for their product through research, analysing their financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.

To find out more about how we can assist, contact Steve Govey.