The UK is the third largest world market for the sale of music and is dominated by a small number of record companies and retailing chains.
The music industry comprises the following sub sectors: Composition of Musical Works and Music Publishing; Production, Retail and Distribution of Musical Instruments / Audio Equipment; Promotion, Management and Agency Related Activities; Live Performance; Recording; Retail and Distribution of Recordings; and Education and Training (including recruitment).
The music industry is disparate and diverse. With the advent of digitisation and global convergence the industry is changing rapidly. Current skills gaps and future needs focus around IT and digital management, finance and business skills for freelancers, sole traders and small businesses, the commercialisation of creativity through effective use of intellectual property rights and so-called 'soft' skills such as communication, team work, and leadership.