U.K. record labels invested £494.8m into A&R, marketing and promotion in 2021, according to figures from the BPI. The investment, which represents 39.2% of total U.K. label revenue, has doubled over the past five years.

Spend on A&R alone, which includes artist advances, creating new recordings, video costs and tour support, reached £358.1m last year. That’s 107% more than the amount invested in 2016 (£173.3m).

Over the same five-year period, U.K. labels’ total revenue increased by 42.9%, driven largely by a 51.3% surge in streaming revenue.

The BPI notes that labels’ A&R spending grew at nearly 2-1/2 times the rate of their revenue increases, and that labels’ A&R investment represented 28.4% of total revenue.

“The U.K. has been one of the world’s music superpowers since the advent of pop culture, thanks to the combination of our many incredible artists drawn from all regions and nations, and the passion, financial backing and expertise of our record labels,” outgoing BPI Chief Executive Geoff Taylor said. “During a time when music has returned to growth after years of decline, labels have continued to prioritize investment in artists.”