UK Measuring Music Report 2016: A Summary
by Clare Everson
The success of the music industry over time has been propelled by its people’s ability to adapt. So in the era of a streaming-boom and an up-coming major political and international transition, how did the UK music industry fare in 2015?
In its annual Measuring Music Report 2016, music industry body ‘UK Music’ has analysed the industry’s contribution to the UK economy over the past year. The findings explore the changing means of distribution and consumption that have defined its productivity.
Overall, the British music industry contributed £4.1bn to the UK economy in 2015. “While the UK GDP grew by 10% between 2012 and 2015, the music industry’s contribution to GDP increased by 17% over the same period.” Thus, in terms of economic growth, the UK music industry outperformed the UK economy.
British music has continued to dominate the global charts with 5 British artists in the top 10 selling global artists in 2015– Adele, Ed Sheeran, Coldplay, One Direction, Sam Smith. This international presence and the growing export revenue driven by music publishers, collecting societies and producers have all contributed to the resilience of the industry during difficult economic times.
Harriet Moss, Global Creative Manager at Manners McDade said about publishing specifically:
“It’s a really exciting time to be in publishing, particularly as an Indie as we can be as quick moving and open to opportunities, particularly with international possibilities. In the last year we’ve joined IMPEL and continued our international expansion creatively. The export value of music publishing from the UK was £519m in the report, growing £1m year on year (MBW.com) — a very promising direction!”
The value of online paid streaming services has significantly increased — valued in 2015 at £250m after their valuation at £168m in 2014. Of course, getting to grips with a continual evolution of technology and the growth of digital retail is a necessity for all bodies navigating today’s music landscape.
Whether you work in the music industry or not, it is impossible to avoid the debate about fair payment from rapidly evolving streaming services and this has resulted in ongoing questioning of current legal processes. Looking at the evidence, UK Music Chairman Andy Heath states that subscription services Spotify, Apple Music and Tidal have boosted the digital music economy and ‘offer value-added curation and care’. The report concludes that if we want the digital sector to continue to prosper, “sustainability and stability are critical”.
Surely an ease of international digital exposure provides opportunities for a wider audience, closer interaction with that audience, and ultimately increased revenue?
Yes, says Jo Tipple, UK Music’s Chief Executive, but there is a lot still to do if we are to bring this potential to fruition. With a background in politics, she emphasises that diversity is the key to the future success of the UK music industry.
“We serve a diverse music audience. Our music is diverse. Grime was born in East London, but now Skepta is outselling US acts in North America. Workforce diversity is not a choice, it is a commercial imperative.”
With the report stating that the music industry provided 119,020 full-time jobs last year, we have right to hope that more and more of those positions are being filled by ambitious and deserving candidates who would have filled a smaller percentage in years past, whether that be women or others. It is great to hear Jo Tipple encouraging a culture of inclusion and diversity.
“Music attracts a young and diverse workforce. New employment practices in our sector, such as the UK Music apprenticeship scheme, are giving young people exciting new routes into jobs. UK Music’s diversity taskforce is setting in train policies to support progression for BAME executives at the top.”
Hearing this from a voice with a strong connection with policy-makers is positive and promising.
And it’s true. The UK music industry needs to be resourceful if it wants to stay current and be prosperous in an environment where music companies are competing with tech businesses, new apps and bold entrepreneurs all over the world.
Innovation comes when a new perspective is added to the mix. Ideas that first appear crazy or impossible often become the next craze. We need to encourage creativity and imagination as it is this breadth of vision that will maintain growth in the music industry. We need to be ahead of merely adapting to changes in other sectors and instead be pioneers in business and in modern society. We can then sustain this by applying the right progressive-thinking and collaboration to the businesses, studios, events and relationships in which we work.
Read the full report here:
http://www.ukmusic.org/assets/general/measuring-music-2016.pdf
