Hollywood Reporter -- British record labels invest more in research and development proportionally than such major industries as aerospace, defense, automotive and computers, according to new research released Wednesday by trade body the British Phonographic Industry.
The BPI said that U.K. record companies invested �207 million, or 17 percent of revenues, on artists and repertoire in 2004, the latest figure available, which it said meant only the pharmaceuticals and biotechnology industry spent more, 39.6 percent, on its equivalent R&D.
Government figures for 2004 show that aerospace and defense spent 12.3 percent of their revenues on R&D followed by automobiles and parts (7.7 percent), food producers (5.5 percent), and software and computer services (5.2 percent).
The BPI said that U.K. record companies invested �207 million, or 17 percent of revenues, on artists and repertoire in 2004, the latest figure available, which it said meant only the pharmaceuticals and biotechnology industry spent more, 39.6 percent, on its equivalent R&D.
Government figures for 2004 show that aerospace and defense spent 12.3 percent of their revenues on R&D followed by automobiles and parts (7.7 percent), food producers (5.5 percent), and software and computer services (5.2 percent).