Music made a whopping $4.1 billion for UK’s economy in 2015

UK Music have revealed the giant contribution that music made to the United Kingdom’s economy last year showing growth and confirming stability in the industry despite concerns.

UK Music just published their Measuring Music 2016 report showing that in 2015 the UK’s economy saw a £4.1 billion contribution from music. The report shows that, despite a recession and the world moving away from physical music for alternative platforms like streaming, GVA contribution has raised 17% and exports and employments have been surpassing many other areas of the UK’s economy up 11%.

British Culture Secretary, Karen Bradley MP said: “Of all the albums sold across the globe last year an incredible one in six was by a British artist. The extraordinary success of artists like Coldplay and Adele added billions to our economy. We want to maintain and build on that success. The Government is working closely with industry bodies, such as UK Music, to make it easier for these artists to do business and is investing in music education to nurture the next wave of successful British artists, who we want to see perform across the whole world.

“But the value of music goes beyond the economic. People around the world get their first taste of British culture via our music, while for millions at home it is a source of entertainment and creative expression. Above all, it simply brings us joy. I want all our children, from every background, no matter what their aspirations, to have music in their lives.”

UK music industry britain economy

As Karen Bradley says, 1 in 6 albums bought around the world last year were from British artists and even more impressive 5 of the 10 top selling artists in the world in 2015 were from the UK. Thanks to the extraordinary success of British artists like Adele, Ed Sheeran, and many more music exports from the UK grew 8.9% from 2014 to 2015. Music streaming also helped to boost the economy as it has been reinvigorating the music industry that looked to be dwindling with it’s incredible growth and popularity.

UK Music’s chief executive, Jo Dipple said: “Measuring Music 2016 shows the strength and resilience of the British music market over four years. Distribution changes, trends may come and go, but all the while our music outperforms both in the UK and all over the globe. The UK needs to solidify its new post-Brexit place in the world and music will undoubtedly be part of the glue that does this. Our export profile is astounding which is partly why music, like sport, gives the world an understanding of our small country. UK Music’s goal is to work with Government to convince them to give us policies as good as  the music we produce.”

UK Music’s chairman, Andy Heath added: “The value of this economic research is that it demonstrates both the strengths in our market, of which there are many, as well as weaknesses over time. The growth in revenues from streaming services reflect a well understood change in music consumption. However, there are services showing a huge increase in music consumption for barely a nudge in revenues. It’s in the wires behind the consumer experience, between artists, rights owners and services where fair terms of trade, or not, are established. Let’s work really hard to get those wires right. If we can do that, the unstoppable rise in consumption will be reflected in value back to the industry.”

Get 3 months of SoundCloud Go for just 99¢/99p

SoundCloud are now offering their very first special offer on SoundCloud Go, their new subscription service launched earlier this year.

Earlier this year SoundCloud, the world’s largest music and audio platform, launched their first ever subscription service in the form of SoundCloud Go. For $9.99 a month, the average cost of music streaming services, SoundCloud Go gives users an ad-free SoundCloud experience, the ability to save tracks for offline play and an extended catalogue of music.

SoundCloud are now offering their very first special offer for new SoundCloud Go users in the USA, UK, Ireland, and France. SoundCloud are offering new users a massive discount on their first 3 months, for just 99¢/99p until the end of this week.

For those who were living under a rock when SoundCloud launched their subscription service earlier this year, here’s exactly what you get from it:

  • An expanded catalogue of content from the biggest established and hottest emerging artists – the largest catalogue of content available with more than 135m tracks
  • An ad-free, uninterrupted listening experience
  • Offline listening which enables listeners to take their music with them wherever they go

The discount offer on SoundCloud Go is available from today, Monday 12th September, for a week until next monday. To sign up for SoundCloud Go head here: www.soundcloud.com/go.

SoundCloud hire their first ever CFO, Holly Lim

SoundCloud have hired Holly Lim as their first CFO to help “establish a long term view [to] maintain SoundCloud’s financial health and capitalize on new opportunities”.

Holly Lim takes on the role as SoundCloud’s first ever chief financial officer to help stabilise and grow the community-driven music streaming platform. Lim will work between SoundCloud’s headquarters in Berlin and their office in New York.

Lim joins SoundCloud 5 months after they launched their first subscription service SoundCloud Go, offering ad-free listening, offline tracks and an extended catalogue. As SoundCloud say Lim will “guide our financial strategy and help us establish a long term view around how we maintain SoundCloud’s financial health and capitalize on new opportunities for growth” it’s safe to assume Lim will help push the profitability of SoundCloud Go.

Holly Lim: SoundCloud's first CFO

SoundCloud co-founder and CEO Alex Ljung said: “Holly has a distinguished track record in financial and business leadership, and brings not only a deep understanding of the dynamics at work in companies with high growth potential, but also a sense of what is needed to scale globally.”

Lim leaves her position as director of business operation at Google where she was also CFO for Google’s Advanced Technologies & Projects team. Lim joins SoundCloud on the 6th September and will report directly to Ljung.

Ministry Of Sound compilation label bought out by Sony

Ministry Of Sound, the UK label famed for it’s many varying compilations, has been bought by Sony Music UK.

Ministry Of Sound have become renowned in the UK for their compilations covering basically every type of dance music out there, and even some other genres. Today they announced that they have been sold to major label Sony Music’s UK branch.

Though once successful, Ministry Of Sound have had a hard time in the wake of online music streaming where people can not only access millions of tracks at a time, but also make their own compilations freely available. This excluded Ministry Of Sound from streaming services and left them in the dying industry of physical music to survive on an increasingly devalued product – music curation.

That’s not to say that music curation isn’t wanted anymore, it’s clear to see with the popularity of playlists on streaming services that people still massively appreciate it. However people no longer expect to pay for music curation, if they’ve already paid for unlimited music streaming why should they pay for someones recommendations on what to listen out of all that freely available music?

Sony came in as a guardian angel, well a guardian angel that buys your business with it’s vast wealth, to save Ministry Of Sound. Being owned by Sony means they are no longer the middle man, which doesn’t get paid for compiling playlists on streaming services. With access to Sony’s giant library of music they can create playlists on streaming platforms and the money made will actually end up back at them.

That’s not to say Ministry Of Sound are completely saved, but with Sony standing over them they can be a lot more confident with their position in the industry. Additionally a reported 25% of users subscribed to music services still buy compilation albums, so you’ve got life in you yet MoS.