Counting the impact of COVID on the UK music industry

CMU’s Andy Malt and Chris Cooke review key events in music and the music business from the last week, including UK Music stats revealing that the COVID-19 pandemic wiped out 69,000 music industry jobs in the UK and caused the economic contribution made by the music industry to slump by 46%, plus IFPI music stats showing that free services dominate how people consume music around the world.  SECTION TIMES 01: UK Music stats (00:06:37) 02: IFPI stats (00:19:44) (Timings may be slightly different due to adverts) STORIES DISCUSSED THIS WEEK • COVID-19 cost the UK music industry 69,000 jobs and caused a 46% slump in economic impact • Free, social and video platforms online account for 45% of music consumption, according to IFPI ALSO MENTIONED • UK competition regulator announces market study into music streaming • Artists and songwriter groups welcome Competition & Market Authority’s streaming market study • Streaming services push for pre-2018 song royalty rate in US Copyright Royalty Board proceedings MORE FROM CMU • Buy MMF and CMU Insights’ Dissecting The Digital Dollar book on Amazon • Sign up to receive the CMU Daily news bulletin