Evaluation of the economic impact of the music industry in Wales led by CMI.
This project evaluated the economic impact of the music industry in Wales through the assessment of four dimensions:
· Profile – the global profile that is achieved for Wales through its major events, and leading music performers and productions Performance – the economic impact of music performance at events and concerts in Wales
· Process and Production – the ‘industry’ of music in Wales including record labels, sound recording and music companies (including orchestras, the Welsh National Opera etc).
· People – the skills and training base of Wales.
The methodological approach employed was to gather and assess quantitative data where possible or to assign a proxy value where no direct data was available. An economic impact analysis was conducted with reference to sales achieved through activities carried out within the sector (GVA) and employment generated or sustained as a result, adjusting for relevant factors such as deadweight and optimism bias . Indirect benefits were assessed using multiplier calculations based on a combination of comparator assessments conducted elsewhere and on the multipliers used by the Welsh Economy Research Unit for performance and creative and cultural assessments in Wales.
A final report provided economic impact figures for the different dimensions of the music industry both in Wales (direct activity) and in global terms (indirect multiplier effect assessments). Client: Creative and Cultural Skills