What is the use of music? At a time when culture is being treated as a “non-essential” sector by certain governments worldwide, a new Oxford Economics report has analyzed the economic impact of the music industry in Europe and the United Kingdom. It showed that in 2018, the music sector facilitated an 81.9 billion (around $97 billion or P4.6 trillion) gross value added contribution to GDP (gross domestic product) in the 27 EU countries and U.K.
The music industry’s contribution to the European economy is higher than the GDP of nine member countries, like Luxembourg, Bulgaria, Slovenia and Malta. However, the Oxford Economics researchers said that this 81.9 billion figure may be un…
Keep on reading: Music makes vital contribution to European Union economies