Music industry contributes £7.6 Bn to UK economy

Music industry contributes £7.6 Bn to UK economy in 2024 according to UK Music, the collective voice of the UK music industry representing all sectors of the industry. In their annual economic report, This is Music 2024, they set out the contribution made by the music industry to the UK economy. Their key findings were:

UK music’s contribution to the UK economy in 2023 hit a record £7.6 billion in terms of Gross Value Added (GVA) – up 13% from £6.7 Bn in 2022.
UK music exports revenue in 2023 hit a new high of £4.6 Bn – up 15% from £4 Bn in 2022.
Total UK music industry employment in 2023 hit a record 216,000 (full-time equivalent posts) – up 3% from 210,000 in 2022.

According to the report, it was a stellar year for live music with artists such as Beyoncé, Burna Boy, Harry Styles, Blur, and Pink, Elton John and Ed Sheeran all playing big UK shows, while there were also standout performances in 2023 from emerging acts like The Last Dinner Party and English Teacher.

Exports received a further boost from international touring by British artists in 2023, including Harry Styles, Coldplay, Depeche Mode, Blur, Def Leppard, Sam Fender, and Arctic Monkeys, while Adele continued her 2023 residency at Caesars Palace Las Vegas.

The report goes on to say that UK music industry faces a number of significant challenges that threaten its world-leading status. Around 125 grassroots music venues across the country 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.

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

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

This Is Music 2024 also contains case studies from songwriter and performer Victoria Canal and record producer Catherine Marks who both tell their personal stories and outline some of the challenges facing artists and music creators.

UK Music Chief Executive Tom 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.

UK Music’s full recommendations to Government can be seen in their Manifesto for Music which can be found here.

This Is Music 2024 (21pp) is free and can be downloaded as a PDF document here.