Record year for UK music's economic impact and employment

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A strong schedule of live music across the UK and international tours helped Britain's musical businesses contribute a record £7.6bn to the economy in 2023. This figure for Gross Value Added (GVA), was published in This is Music 2024, the industry's annual report, and represents 13 per cent increase on 2022.

Exports of UK music were also boosted by overseas tours from the likes of Harry Styles, Depeche Mode and Coldplay, with total UK music exports reaching £4.6bn in 2023, up 15 per cent on the previous year.

Total UK music industry employment in 2023 hit a record 216,000 (full-time equivalent posts) – up 3 per cent from 210,000 in 2022.

UK Music’s Chief Executive Tom Kiehl welcomed the figures in 'This Is Music 2024' as evidence the “music industry is ideally placed to turbo charge the new UK government’s mission to secure the highest sustained growth in the G7.”

However, the organisation also warned about challenges facing music performers. Around 125 grassroots music venues across the UK closed last year and more 350 are at risk of closure, according to the Music Venue Trust charity. An estimated 192 festivals have disappeared since 2019 and 60 festivals announced a postponement, cancellation or closure in 2024, according to the Association of Independent Festivals.

In addition, UK artists now cumulatively account for less than 10 per cent of global audio streams, whereas their collective share of global music consumption was estimated at 17 per cent in 2015, according to the BPI.

For the past two years, UK Music has surveyed British-based music creators and their experiences of Brexit. Of those whose income was impacted by Brexit, 87 per cent said their earnings fell in 2023 – up from 82 per cent of those surveyed in 2022.

UK Music Chief Executive Tom Kiehl said: “This is Music 2024 tells the story, based on real evidence and data from across the sector, that despite some very strong headline figures in 2023, 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 Artificial Intelligence (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.”

Mr Kiehl highlighted four key areas where urgent action was needed to help the UK’s music sector grow in an increasingly competitive global market:

• Promote changes to the law that safeguard against unregulated AI, and reject proposals that fail to achieve this.
• Ensure every child and young person across the UK has access to free music making.
• Introduce a cap on secondary ticket resale prices.
• Fight for visa-free touring for musicians and crew.

More at UK Music

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