The Hungarian music industry has a doubling economic impact, according to an analysis

The document presenting a comprehensive analysis of the domestic music scene was prepared for the tenth time by ProArt – Association for Copyright Rights. This time, the focus of the research was to explore the national economic significance of the Hungarian music industry, using a new methodology based on a macroeconomic model – the organization said in a statement sent to MTI.

As they wrote, the research, which was carried out by the Hétfa Research Institute and Analysis Center, sheds light on the economic effects of the music industry and its influence on other sectors.

The doubling economic impact of the Hungarian music industry (2.04) is not far behind the multiplier measured for the entire European Union music industry (2.2), which, according to the authors, indicates that similar economic dynamics can be observed due to the structure of the Hungarian music industry as in more developed markets.

According to calculations, Hungarian music industry enterprises carried out musical activities worth approximately HUF 137.84 billion in 2023 during the measured period. This direct impact exceeds the turnover of the Hungarian book market in 2023, which was HUF 64.2 billion. The music industry and its related sectors employ more than 17 thousand people and generate more than HUF 282 billion in added value annually, which accounts for approximately 0.3 percent of Hungarian GDP.