The UK music industry, across all sectors, was worth £3.5bn to the British economy in 2012, according to new figures released by UK Music today.

The figure represents GVA (Gross Value Added) - equivalent to the annual contribution to GDP - by sectors such as records, live, publishing and audio professionals.

According to the research, recorded music was worth £634m in the year, while musicians, composers, songwrtiers and lyricists generated £1.6bn.

Meanwile, live music created £662m, while music publishing created ...