The music sector supports two million jobs and contributes â‚¬81.9 billion annually to the economy across the 27 EU Member States and the UK (EU28), according to The Economic Impact of Music in Europe, an in-depth study by Oxford Economics that was commissioned by IFPI.
The study, using 2018 data, found that music’s annual economic contributions to the EU28 include:
â€¢ Supporting two million jobs;
â€¢ Contributing â‚¬81.9 billion in gross value added to GDP; and
â€¢ Exporting â‚¬9.7 billion worth of goods and services to countries outside the EU28.
Frances Moore, chief executive of IFPI, said: “Music is an essential part of Europe, its identity and culture. In so many ways music’s value is incalculable, it thrills us and heals us. Even beyond that, as Oxford Economics’ first-of-its-kind report demonstrates, music makes a vital economic contribution to the European Union and UK – supporting jobs, boosting gross domestic product and tax payments, and driving exports. // Continue to the full article