The deal was revealed as part of the Government’s Industrial Strategy, which aims to boost growth and productivity in the UK’s music industry and other creative industries.
UK Music – a campaigning and lobbying group, which represents every part of the UK recorded and live music industry – has attended frequent meetings with ministers and senior officials to press the Government to safeguard the interests of the music business.
UK Music chief executive officer Michael Dugher said: 'For more than a year, UK Music has worked intensively with the Government and the Creative Industries Council to get the best possible deal for the music industry.
'I’m delighted that the Government has listened and delivered a deal which should pave the way for the UK music industry to continue its world-beating success story.
'We welcome the commitment to strengthen the talent pipeline to address current and future skills needs, as well ensuring the industry is more representative of UK society.'
He added: 'The sector deal reaffirms the Government’s welcome commitments to addressing the transfer of value. We hope the measures can be used to support other key aspects of the music industry’s infrastructure, such as venues, studios or rehearsal spaces.'
Measures set out in the deal include addressing the transfer of value within the creative industries, developing strategies to reduce online infringement in the UK and a commitment to develop 'more clusters of world-class creative industries to narrow the gap between London, the South East and other regions.'
The creative industries is worth a total of £92bn, with the music industry alone contributing £4.4 bn to the UK economy.