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UK Music Industry Worth £3.9 Billion

The UK music industry grew by 4.7 per cent in 2009, new data by PRS for Music has revealed.

According to the data, music industry revenue rose to £3.9 billion last year, in part due to the increased popularity of live music.

The report showed that revenue from live music grew by 9.4 per cent to £1.537 billion.

Retail recorded music revenue neither grew nor shrank, staying at £1.356 billion and revenue from royalties, sponsorship and advertising agencies grew to about £967 million.

Overseas revenues has also seen a £100 million increase over the last year.

The study shows that per capita revenue from CD sales in the UK is higher than that of the US, with people spending on average $26.52 on music per year, compared to the $15.08 spent in the US.

In a statement, Will Page, an economist with PRS for Music, said: “I think that the U.K. music industry has been especially innovative, be it the willingness to license new digital models or advancements in live music discovery, recommendation and ticketing.”