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 also has hundreds of trade associations and the Musicians' Union, but no single representative body (a feasibility study into possible mechanisms for consensus and advocacy has been commissioned with support from the DCMS).
It 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).
It is estimated that the UK accounts for almost 15% of the global music market though employment levels remain comparatively low: around 130,000 recorded jobs. 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.
To find out more about this sector, go to www.bpi.co.uk/music-business