October 23, 2021

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Music contributes to the 97 billion anniversaries of the European Union, the United States of America

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The music sector supports two million jobs and contributes করা 71.9 billion ($ 9 billion) annually to the GDP of 22 EU member states and the United States, according to a new study.

The study, entitled “The Economic Impact of Music in Europe”, was conducted by the International Federation of Phonographic Industries (IFPI) and conducted by Oxford Economics. It also found that the music sector exported 9. 9.7 billion (11 11.5 billion) worth of goods and services to the European Union and countries outside the United States, with record companies, music publishers and audio streaming services producing about half.

The survey used data from 2018.

The study found that in 2018, the European Union and the United Kingdom supported প্রাপ্ত 31 billion (36 36.7 billion) in tax receipts, which also played an important role in generating tax revenue. This was the equivalent of 19.4% of the EU’s total budget for the year

“Music is an essential part of Europe, its identity and culture. In many ways, the quality of music is invaluable, it thrills us and heals us. Even beyond that, as the first Oxford Economics report reveals, music makes a significant economic contribution to the European Union and the United Kingdom – supporting employment, increasing gross domestic product and taxation, and exporting exports, “said Frances Moore, chief executive of IFPI. Md.

“At the heart of this contribution are the EU, 400 record companies. In addition to employing around 45,000 people across the EU, they have made significant investments in other parts of the music sector and have made significant contributions to Europe’s exports.”

“For music to be an essential contribution to Europe that can be sustainable in the long run, those who make and invest in music must be given a fair return,” Moore added. “To enable this, the sector needs a fair legal and policy environment in Europe and we continue to work with policymakers to achieve this.”

“How the music sector interacts with the rest of the economy, how our study map encourages economic activity, supports jobs and generates tax revenue across Europe,” said Pete Collings, director of economic impact consulting at Oxford Economics. “By doing this, we have highlighted how the music sector undertakes a wide variety of activities in an ecosystem of large and small organizations – it is responsible for the direct contribution to the European economy compared to the entire economy of several member states.”

“However, the economic footprint of the sector extends far beyond its own activities. It supports long pan-European supply chains purchased from companies across Europe. These multiplier effects have reached every part of the European economy, creating more jobs, paying tax revenues and generating GDP across the continent, ”Collings added.

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