Music Sales Aids that of Tech in the UK
Music demand in the UK appears to be having a knock on effect to the sales of related technology of around £11 billion over a five year period.
A recent report by the music industry body the British Phonographic Industry (BPI) has suggested that music has been a key influencing factor on consumer decisions on whether to buy smartphone and tablet technology. This study has found that for every 1% increase in demand for music in the United Kingdom, directly equates to a 1.4% lift in the sales of smartphones whilst the same demand in music relates to a 2.2% rise in demand for tablets.
The British love for music also seems to be a critical factor as residents of the United Kingdom are estimated to spend up to 25% more than those consumers in other developed nations across the globe. This, in turn, has the effect of proportionately greater sales of technology products because of the aforementioned effect of music sales on it. As such, the Brits are tech obsessed and spending more than others.
The £11 billion technology boost that the report found also included an extra £8.4 billion worth of value for smartphone sales as such suggesting that smartphones are a massive contributor to the retail economy of the UK alone without the aid of music sales. This report was also published before the launch of the latest iPhone 6 models which in itself has caused a boost for British tech sales.
BPI’s chief executive, Geoff Taylor, said:
“It is well-known that recorded music is one of the UK’s most successful exports, but this study demonstrates that Britain’s love of it also boosts our economy by generating billions of pounds a year in additional consumer technology sales. The relationship between music and tech is symbiotic. Record labels work hand-in-hand with technology companies every day to create fantastic digital music experiences for fans. The spirit of innovation that drives technology forward also lies at the heart of the authentic and unique global appeal of British music – and the fast-growing tech sector stands to benefit from the wonderful creativity of our musicians.”
As the economy of Great Britain surges forward this news comes as a further boost to the Gross Domestic Product and output figures of the country as the technology and music sectors cheer their own success. Britain’s economy is the fastest growing of any developed nation and the United Kingdom remains the most attractive prospect in Europe for outside investors.