British music industry invested nearly £500m in new music

British music industry invested nearly £500m in new music


Nearly GBP500m was invested by the British music business with all the signing up of new artists by major labels up 30% in 2014, in new music, data has suggested.

The amount of new acts signed by major labels last year reach a five-year high of 156, the figures said.
They were furnished by the British Phonographic Industry (BPI) and Music Publishers Association (MPA).

It follows on from last week’s news that the British music business boosted the market by GBP4.1bn last year.

The 156 new musicians signed by Universal Music, Sony Music and Warner Music was 26 more than in 2013, and only 12 fewer than the recent peak in 2009 of 164 new deals.

“Alongside the artists themselves, the passion and dedication labels show in unearthing, nurturing and developing the following wave of talent is among the primary reasons our music is the envy of the world right now.”

Singer-songwriters earned GBP162m from music publishers, which takes the overall outlay for the sector to GBP497m.

EU investment figures also shown that the music sector invested more sales (25%) in development than industries like the biotech, pharmaceuticals and auto sectors.

The head of MPA Group, Jane Dyball, said: “These investment figures emphasize why British music remains so successful on the global period.

“Significantly, these incredible figures also highlight that music publishers, like record labels, make an extremely large annual investment in A&R, further exhibiting the music industry’s colossal contribution to the financial and cultural wealth of the UK.”