The total value of Finland’s domestic music sector and music exports continue to grow steadily. Music export is driven by live music events and music related start-up companies, according to Music Finland’s newly-published financial survey of the music industry in 2017.
The total value of Finland’s music sector in 2017 was 930.2 million euros. Live music played an increasingly important role, constituting more than half of the total value.
Recording industry was also doing well, with its value rising by more than 8% compared to the previous year. The three-year growth of recordings is driven by streaming services, which now account for 80 per cent of the income in the recording industry. Domestic music accounted for 38% of the total recording market.
Finnish music exports still on the rise
Finnish music export is continuing its upward trend, totalling 58.9 million euros in 2017, up by 30 per cent from the previous year. German-speaking Europe is the most important target area for Finnish music export, accounting for 27% of total value of the export.
The significant rise in music export is related to the strong growth of the technology field. This growth is reflected especially in the ”other goods and services” sector (EUR 31.8 million), which includes export revenue by audio equipment companies, as well as start-up companies using music technology.
The largest field in music exports is live music (EUR 12.8 million). Export revenue from live music grew by 18 per cent, which compensated for a slight decline in copyright and other music exports from abroad. The strengths of Finnish music exports in the ever-changing international music business are, however, its wide scope and the diverse success stories that keep export field fairly settled and on the rise.
"The growth of Startup companies reflects the general trends in exports and also shows the potential of music based services in the field of international business. Future growth opportunities can be found in songwriting, for example. The tip of the Finnish music exports is wide and success stories can happen in many sectors of the industry, " says Kaisa Rönkkö, Executive Director of Music Finland.
The data for the 2017 financial survey of the music industry, published today, was collected by Music Finland and Jari Muikku at Digital Media Finland Oy. The survey is based on music business practices in these core categories: live music, recordings, copyrights, other export revenue and other exports of goods and services, and the role of grants and education in the sector’s total value.
Read the financial survey of the music industry 2017 here (Finnish only).