Humans love music.
Music Valuation Model: VM = (MIr) + (CsH) + (Eg)
MIr = (GVA + NCr + MTs)
CsH = (Lr + Dp + Dc + Sr + Pc + Wi + Ac + CRi + Ri + Ac + Si)
Eg = (WWp + CRr + SWg + Pr)
Music gives human brains an extensive workout, even when the listening is merely passive. This automated neural response means that music can be an extremely effective tool in a wide range of settings. It's much more than just entertainment. For the past 20+ years I have been immersed in the examination of music's effect on human behaviour. My work has spanned many sectors because music as a tool is incredibly versatile. The research findings clearly show that to date music has been undervalued and underutilised by modern society for many decades. I have produced this valuation model to help demonstrate the full value of music in society and to encourage decision makers to increase their use of music in order to deliver positive returns in economic development and health by 2023. My research so far has examined 18 variables but I acknowledge that as I continue this work more will probably be revealed. So this model will evolve over the coming months as I continue to welcome new contributions from thought leaders across sectors.
My objective in the development of this model is to provide a more comprehensive representation of the full value of music to society. There is a growing body of research relating to each of these variables. It's time to recognise the importance of music as an asset and start extracting its full potential in a formal organised manner. It's time to strategically embed it in decisions relating to education, the built environment, economic development and well-being.
The value of music is much greater than the GVA figure published by the music industry each year (highlighted in red in the formula above). This GVA figure is based mainly on record sales, publishing and live ticketing revenues. You can see in the model that this GVA value comprises just a fraction of the variables where music has been seen to add value. However, many of these variable have not yet been measured in a way that can easily produce data. We need to focus on filling these gaps and collecting data across all variables to properly measure the full value of music in society. In the meantime we should aim to make proper consideration of the fact that music at present is being dramatically undervalued in our society and by many government policy decisions.
The full formulaic breakdown listing the variables in the model can be found below.
For more information please feel free to contact me on email@example.com
Dr Julia Jones
VM - The value of music in modern society
MIr - Music Industry Revenues
GVA - Gross Value Added (core revenues of record sales, publishing, live ticketing, synchronization fees) - worth £4.4bn in 2016 as measured by UK Music
NCr - Non-Core Revenues (such as instrument sales, studio hire, tuition fees etc)
MTs - Music Tourism Secondary Spends (such as food and beverage, retail, travel, accommodation driven specifically by live music events or music heritage
CsH - Cost Savings in Healthcare
Lr - Loneliness Reduction
Dp - Dementia Prevention
Dc - Dementia Care
Sr - Stroke Recovery
Pc - Parkinson's Care
Wi - Wellbeing Improvement (physical and mental)
Ac - Autism Care
CRi - Cardio-Respiratory Improvement
Ri - Recovery Rate Improvement
Ac - Anxiety Control
Si - Sleep Improvement
Eg - Economic Growth
WWp - Workforce Wellbeing / Productivity
CRr - Crime and Re-Offending Reduction
SWg - Skilled Workforce Growth
Pr - Placemaking Revenues