UK Music released a new report for the year that examined the music industry’s impact on the UK economy last year. In 2014, music added £4.1 billion to the gross domestic product, outperforming the rest of the British economy with 5% growth.
In the full report, UK Music Chairman Andy Heath gave a nod to the impact of streaming. “Clearly this is the dominant form of consumption of recorded music and a significant contributor to another year of robust figures for the music industry,” he said. “The sector is growing again, and that is thanks to the recognition and adoption of new technology and the continued power of a vibrant live music sector.” Heath noted that UK Music would be updating its methodologies for analyzing the music industry for next year to better account for these new approaches to listening.