The news comes as the industry's foundation of grassroots venues and emerging talent continues to struggle
The UK music industry has reportedly reached a record-breaking value of £7.6 billion, driven by a surge in live performances from major acts such as Elton John, Beyoncé, Ed Sheeran and Coldplay.
According to UK Music's This is Music report for 2024, the industry's contribution to the UK economy rose by nearly £1 billion in 2023, reflecting a 13% increase year-on-year. These figures highlight the resilience of the sector following the challenges posed by the pandemic, with the live music boom also boosting employment in the industry to a record 216,000 full-time equivalent jobs.
The live music sector's rebound is credited to demand for large-scale events including Elton John's farewell tour and Beyoncé's sell-out shows. British artists like Coldplay, Arctic Monkeys and Adele have also been making waves internationally, with UK music exports climbing to £4.6 billion - a 15% rise compared to 2022.
Despite the record-breaking numbers, the industry faces significant challenges. As DJ Mag reported back in January, grassroots music venues are under increasingly severe threat, with 125 closures in 2023 alone, according to the Music Venue Trust (MVT). Many of these closures stem from rising operational costs and the precarious nature of private venue ownership. The MVT's ongoing campaign to safeguard venues, including its push for a ticket levy at stadium and arena events, aims to address these issues while ensuring a healthier live music ecosystem.
The resilience of the sector has also drawn attention to the long-term sustainability of live music. As noted in DJ Mag's coverage of the NTIA's Last Night Out campaign, nightclub and venue closures are accelerating, with up to three venues closing every week in the UK on average. This has prompted calls for greater recognition of music venues as cultural institutions and urgent government intervention to protect the night-time economy.
Even with the good news, the industry's foundation - grassroots venues and emerging talent - continues to struggle. As highlighted in DJ Mag's recent report on the voluntary ticket levy, the success of arena shows must filter down to support smaller venues and artists. Creative Industries minister Chris Bryant described grassroots music venues as "one of the UK's most valuable and undervalued cultural assets," stressing the need for systemic change.
Tom Kiehl, CEO of UK Music, warned that despite record-breaking economic contributions, the industry remains in danger.
"This is not a time to be complacent," he said. "The UK music industry has vulnerabilities, too. Increasing global competition, tough financial conditions for artists and the grassroots, as well as the wild west that is generative AI, are all conspiring to be significant challenges for the sector. We are now at a tipping point, and if the problems we face are not addressed then future growth cannot be guaranteed."