UK Tech Sales Up to £11bn Thanks to MusicAdded: Thursday, October 9th, 2014
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According to the recent study, each 1% increase in demand for music creates 1.8% average boost in sales for the tech industry, largely smartphones and tablets. The statistics clearly shows that music consumption in the United Kingdom has the knock-on effect of driving tech sales up to £11bn over a 5-year period.
British Phonographic Industry, the UK music industry body, had to admit that music appeared a key driver of the demand for such devices as smartphones and tablets. According to the results of the independent study, every 1% increase in demand for music in the United Kingdom translates to a 1.4% increase in sales of smartphones and 2.2% lift in the demand for tablets.
Overall, British consumers reportedly spend about 25% more on music than people in other developed nations. In its turn, this has the effect of proportionately greater sales of various tech products, as the research suggests. The figures show the £11bn technology boost, which includes £8.4bn in additional value for smartphone sales. It should be noted that the study comes just under a fortnight after the launch of the iPhone 6 models in the United Kingdom that are also responsible for another boost to technology sales.
The CEO of the British Phonographic Industry, Geoff Taylor, admitted that it is a well-known fact that recorded music is one of the most successful exports of the country. However, he also pointed out that the study in question demonstrated that Britain’s love of music also boosts the local economy by generating billions of pounds annually in additional consumer technology sales. He claimed that the relationship between music and technology industries is symbiotic. According to the BPI, record labels work hand-in-hand with tech firms on the everyday basis in attempt to create fantastic digital music experiences for fans.
Geoff Taylor announced that the spirit of innovation that pushes technology forward also lies at the heart of the “authentic and unique global appeal” of the UK music. It is no surprise that the fast-growing technology industry stands to benefit from the creativity of the British artists.
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Thursday, October 9th, 2014
|Led zeppelin has been generating technology sales since 1969.|
|The power of sound and Music since it begon||
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