A report by Irish Music Rights Organisation (IMRO) has found that the music industry contributes €703 million annually to Ireland’s economy.

The report also found that employment in the sector stands at over 13,000.

The report is based on research carried out in 2015 and found that the contribution from the core music industry stood at €445 million, up 53% on the 2012 figure.

2015 also saw digital revenues overtake physical sales for the first time.

The IMRO said the industry is under threat as platforms are allowing access to creative work for inadequate return, and it is calling for a National Music Strategy to encourage further growth in the sector.

That strategy would include:

- A cross-Government group to work with an industry advisory panel to address growth issues

- Concentration on copyright to help ensure a fair return for music creators

- Skills development and training

- Compensation to deal with income uncertainty

The IMRO also said that although the volume of musical content being consumed online is higher than ever, revenue generated is not fairly distributed to creators.

"An environment that fosters growth for new and legitimate businesses, including platforms such as YouTube, SoundCloud and Facebook, while providing legal certainty for consumers, and ensuring that this is paired with appropriate remuneration for creators, is needed," said Victor Finn, CEO of IMRO.

"Ensuring creators receive compensation for all uploads of their work is crucial to establishing a sustainable basis for the music industry going forward," Mr Finn added.