The study, “The Economic Impact of Music in Europe”, is 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:

• supporting two million jobs;
• contributing €81.9 billion in gross value added to GDP; and
• exporting €9.7 billion worth of goods and services to countries outside the EU28.

The study also examines the music sector’s total impact on employment, finding that it supported two million jobs in the EU28, meaning that one in every 119 jobs depended on it.

The study also found that European music exports (including exports from the UK) generated €9.7 billion in revenues, of which record companies, music publishers and audio streaming services generated almost half (€4.7 billion).

The music sector also played a vital role in generating tax revenues, supporting €31 billion in tax receipts in the EU28 in 2018. This was equivalent to 19.4% of the entire EU budget in the same year. To read IFPI’s press release in full and for a link to the study, click here.