Serbian Music Industry Booms: New Research Reveals Impressive Growth

The Government of the Republic of Serbia has unveiled a comprehensive research study conducted by the Faculty of Economics in Belgrade, shedding light on the significant economic impact of the music industry within the nation. Titled “Analysis of the economic effects of the music industry on the economy of Serbia,” this pioneering research marks the first-ever endeavor to delve into this vital branch of creative industries.

The findings are nothing short of astounding. With nearly 20,000 full-time employees engaged in 29 diverse activities, the music industry in Serbia is flourishing. Over the past year alone, it has generated a staggering turnover of 168 million euros, representing an impressive 89 percent increase compared to the situation five years ago.

Commissioned by the national platform “Serbia Creates,” the research illustrates a remarkable growth trajectory. Over the last five years, the sector’s gross value added (GVA) has surged by an incredible 202 percent, while VAT growth reached an impressive 38 percent compared to the previous year.

Tax and contribution payments have also surged, escalating by 84 percent to surpass 6.5 million euros. Moreover, the number of employees has seen a notable uptick, with a 33 percent increase compared to 2022, totaling 19,561 permanent staff. Impressively, there are 5,838 business entities operating within the sector, with entrepreneurs constituting a significant 84 percent.

Demographically, the sector is characterized by a diverse workforce, with individuals aged 30 to 49 comprising over half of its composition. Furthermore, there’s a near-even split between men and women, with women holding a slightly larger share at 51 percent.

Zorica Tepić, advisor for music at the “Srbija creates” platform, emphasized the significance of this milestone research, stating that it lays the groundwork for a more cohesive understanding of the fragmented music sector. “Finally, we created an industry chain, mapped the most important participants and sectors through their activities, this has never been done before and that’s why no one has systematically dealt with the music industry until now,” Tepić remarked.

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