The live music sector contributed £1.1 billion to the UK economy in 2018. This is one of the headline figures to be taken from UK Music’s annual economic impact study that shows growth within the music industry.
Millions of fans who poured into concerts ranging from festivals to grassroots music venues contributed to this huge figure, which is an increase of 10 per cent from £991 million in 2017.
According to the report, music tourism alone contributed £4.5 billion spend to the UK economy in 2018 – also up 12 per cent from £4 billion in 2017.
UK Music measures the health of the music business each year by collating data about the industry’s contribution in goods and services, known as Gross Value Added (GVA), to the UK’s national income or Gross Domestic Product (GDP). Exports are part of this contribution.
Although Glastonbury Festival did not take place in 2018 when the data for the report was collected, the rise in the number of other festivals across the UK, particularly in Scotland, such as TRNSMT and Sunday Sessions, boosted the numbers.
Michael Dugher, CEO of UK Music, said: “Our report reveals firm evidence that the British music industry is in great shape and continuing to lead the world. The figures are hugely encouraging and show that, as well as enriching the lives of millions of people, music makes an incredible contribution to the UK’s economy.
“Live music is now at a record high and continues to draw millions of fans from both the UK and abroad to our arenas and smaller venues alike.
“Music exports are another amazing success story with the best of British creative talent being showcased across the globe.
“However, this is not a time for complacency. We face many challenges to ensure we keep our music industry vibrant, diverse and punching above its weight.
“We need to do more to protect grassroots venues by helping them combat soaring business rates. We need to nurture the talent pipeline, including by reversing the decline of music in education, so that children from every background have access to music.
“We need to make sure that creators get fair rewards for their content and are not ripped off by big tech. And we urgently need to ensure that the impact of Brexit doesn’t put in jeopardy the free movement of talent, just at the time when we should be looking outwards and backing the best of British talent right across the world.”