Music secures millions of jobs
According to a study by the IFPI, the music sector provides two million jobs in the 27 EU member states and the United Kingdom (EU28) and contributes 81.9 billion euros to the economy every year.
Goods and services worth 9.7 billion euros are exported to countries outside the EU28. This is according to the study "The Economic Impact of Music in Europe" conducted by Oxford Economics on behalf of the International Federation of the Phonographic Industry (IFPI). IFPI is the international umbrella organization of the German Music Industry Association (BVMI).
The study, which is based on data from 2018, underlines that music is a relevant economic factor in the European Union and the UK, providing a large number of jobs, increasing gross domestic product and tax payments and driving exports.
At the heart of this are the 7400 European labels. Not only do they employ almost 45,000 people in the EU, they also invest heavily in other parts of the music sector and make an important contribution to European exports.
