The outlook of the economy of the United Kingdom is expected to be changed completely and new factors are to influence and govern it as in the past years, a major shift was recorded in terms of the factors that aid to the growth of the economy. And the entertainment industry has played a major role in the progress of the country and itself has progressed enormously. About billions have been contributed to the economy by this amazing emerging sector. This is a huge aid to the economy. Apart from its constant support, it has also saved the country in critical situations like the Brexit situation and the slowdown in the growth of the global economy.
One of the most rapidly progressing department of the entertainment industry in the UK is its live music sector. It has found itself a huge audience and has contributed to the country’s economy immensely as it is a £1 billion worth sector. The outlook of not just the music sector but the economy as well have been changed by the recent industry report. Around £5.2 billion were contributed by the music industry to the economy of the UK in the last year and expectations are that the figures for the current year are even bigger. Around £1 billion of it were contributed to the live music sector as a new record was made. Around £2.7 billion were generated by the music industry in total revenue for exports. This includes the international albums sale. It has also helped the employment as it created around 190,935 full-time jobs in 2018. The nature of the jobs is varying though.
So not only the world but the UK’s economic growth is also being changed by music. So, let’s wait and watch how else music helps the nation t progress.