Music Supports Two Million Jobs, Contributes $97 Billion Annually to European Economy, Study Finds
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variety.comNaman Ramachandran The music sector supports two million jobs and contributes €81.9 billion ($97 billion) gross value added annually to the GDPs of the 27 European Union member countries and the U.K., a new study has found.The study, titled “The Economic Impact of Music in Europe,” was commissioned by the International Federation of the Phonographic Industry (IFPI) and conducted by Oxford Economics.
It also found that the music sector exported €9.7 billion ($11.5 billion) worth of goods and services to countries outside the EU and the U.K., of which record companies, music publishers, and audio streaming services generated almost half.The study used data from 2018.The music sector also played a vital role in generating tax revenues, the.
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