British music industry worth £4bn to UK economy

• 02nd September 2016 03:29pm
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As Britain continues to lead music charts worldwide, the success is paying off in financial terms at home. The British music industry contributed £4.1bn to the UK economy in 2015, according to new research from industry body UK Music.

Most of that income came from music exports, which were worth £2.2bn over the course of the year following the overseas success of artists like Adele, Sam Smith and Ed Sheeran.

The supremacy of Britain in the global music market was such that one in six of all artist albums which were sold anywhere in the world in 2015 came from UK artists, while half of the year's top selling albums were made by Britons.

The report found that while adapting to the new ways people are consuming their music has been a challenge for the UK industry, the growth of online music streaming over the past four years has in fact offset declines elsewhere in the market.