UK music ‘boosted by £500m’
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The British music industry invested nearly £500m in new music in 2014, with the signing of new artists by major labels up 30%, data has suggested.
The sheer number of new acts signed by record labels last year hit a five year high of 156. They were supplied by the British Phonographic Industry (BPI) and Music Publishers Association. It follows on from the news that last year, the British music industry alone boosted the economy by £4.1bn.
The 156 new artists signed by Sony Music, Universal Music and Warner Music was 26 more than in 2013, and just 12 fewer than when it peaked in 2009 at 164 new deals.
Geoff Taylor, chief executive of the BPI and Brit Awards, said: “It’s no fluke that 2014 was such an outstanding year for British music.”
“Alongside the artists themselves, the passion and commitment labels show in unearthing, nurturing and developing the next wave of talent is one of the main reasons our music is the envy of the world right now.”
Singer-songwriters earned £162m from music publishers, which takes the total outlay for the industry to £497m.
Figures released in June revealed that the huge success of performers including One Direction and Coldplay saw UK albums and singles generating about $2.75bn (£1.8bn) in sales last year.