The arts, of which music, of course, is a big part, plays a massive role in the economy of the U.K., which consultancy McKinsey describes as “a cultural powerhouse—often punching above its weight.” Small, but powerful. (In terms of size, the U.K. is approximately as big as Oregon.)
Looked at in terms of the gross value added to the overall economy in 2022, the arts sector, McKinsey found, contributed £49 billion, which doesn’t mean a whole lot until it is put into a context like this: that’s 50% larger than what the telecommunications industry puts into the coffers.
There are impressive metrics, like the U.K. having the highest number of Nobel laureates in Literature between 2000 and 2023 and its actors coming in second in the number of Academy Awards received.
But then there’s one that seems completely understandable if still eye-widening: The U.K. is one of three net exporters of music in the world.
It’s not that every country doesn’t export music; even the smallest country in the world, Vatican City, does.
It’s just that music in the U.K. has a visibly consequential effect on the economy of the kingdom. (Thank you, Beatles, for starting that phenomenon.) According to UK Music’s “This Is Music 2023” report, U.K. music exports generated a cool £4 billion in 2022. And looked at overall, music’s contribution to the U.K. economy last year was £6.7 billion, a non-trivial chunk of the aforementioned £49 billion.