The Economic Contribution of the UK’s Music Industry

The music industry defines itself in relation to its principle assets. These assets create the value which enables music to be an industry, rather than a hobby or other non-commercial venture.

The principle assets are: (1) a musical composition, (2) a master recording, (3) a live musical performance, (4) an artist as a brand.

The core music industry is made up of the individuals and companies that create the assets; or whose primary focus is on the steps necessary to monetize them.

The GVA comes from musicians, composers, and lyricists mostly. As well as recorded music, live music, music publishing, music representatives, music producers, and recording studios and staff.

72 million pounds is the estimated value of music to the UK’s international brand reputation in 2012.

Music is one of the most investment-intensive industries in the economy, with record labels historically investing upwards to 20% of revenue in artists and repertoire. Record labels and publishers invested more than 450 million pounds in 2012.

Music collecting societies are investing significantly into repertoire databases and other data infrastructure to keep the UK’s competitive advantage in global digital markets.

Today’s investment ensures tomorrow’s success. Employment of music industries totals to 101,680 people. These are composed of musicians, composers, songwriters, and lyricists, and artists. Sometimes they would hire people from internet industry to help them for music marketing promotion, such as Facebook marketing, blogging, etc., since younger people would buy music and they always in somewhere on the internet.

Recorded music is composed of a team of the record label, online music distributors (providing niche metadata services for digital music files), design and manufacture of physical product and packaging.

Live music is composed of a team of music festival organizers, promoters, music agents, and ticketing agents. These people working for their respective companies have to spend a lot of money. From talent fees to keeping their laundry clean through washing machine. It’s important to look clean and fresh in the music industry too. Caring for your look in attending a wedding party? Here is a nice look for bridesmaid’s gowns which is good also for everyone. This gown looks very adorable that makes every woman love it.

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