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Music industry in Britain is estimated to make 3.5 billion pounds (5.69 billion U.S. dollars) contribution to economy each year, a report revealed on Monday.
The report issued by UK Music, an organization representing commercial music industry in Britain, said the figure included 1.6 billion pounds contribution from musicians, composers and songwriters, 634 million pound from recorded music, 662 million pounds fro live music, 402 million pounds from music publishing, 151 million pounds from music representatives, and 80 million pounds from music producers and recording studios.
The UK Music said the contribution of the music industry to the British economy is flawed as the national accounts on economy failed the music industry, which is not categorized as a specific industry in the published official data.
Export value of the music industry is 1.4 billion a year, and the industry also provides more than 101,000 full-time jobs, said the UK Music.
Jo Dipple, chief executive of UK Music, said: "This shows for the very first time exactly how much music, in all its guises, contributes to the UK economy in terms of GVA (gross value-added), exports and employment.
"It shows that British music is a "substantial contributor to the economy."
Another report of the UK Music also showed that music-loving tourists added billions to British economy by attending live music events each year.
Figures indicated that some 6.5 million music loving tourists generated 2.2 billion pounds for the economy while attending festivals and concerts in 2012.
The UK Music called on the government adopt a music tourism strategy and start developing joined-up policies with the organization to help exploit economic advantage of music industry.
