UK Music has released its annual economic report, This Is Music 2024. The report outlines the huge economic contribution the UK music industry makes to the economy.
Artists such as Beyonce, Burna Boy, Harry Styles, Blur, Pink, Elton John and Ed Sheeran all played major shows in 2023.
Exports received a further boost from international touring by British artists in 2023, including Coldplay (pictured), Harry Styles, Depeche Mode, Blur, Def Leppard, Sam Fender and Arctic Monkeys, while Adele continued her 2023 residency at Caesars Palace Las Vegas.
The key headline statistics in UK Music’s 2024 report are:
• 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 billion in 2022. GVA is the contribution the music industry makes to the Gross Domestic Product (GDP) of the UK economy.
• UK music exports revenue in 2023 hit a new high of £4.6 billion – up 15% from £4 billion 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.
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 UK music industry faces a number of significant challenges that threaten its world-leading status.
We are now at a tipping point, and if the problems we face are not addressed then future growth cannot be guaranteed
Tom Kiehl
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.
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 contains case studies from songwriter and performer Victoria Canal and record producer Catherine Marks.
UK Music chief executive Tom Kiehl said: “The music industry is ideally placed to turbo charge the new UK government’s mission to secure the highest sustained growth in the G7.
“A decade which began with the pandemic, causing much devastation to the sector, has seen a resilient music industry emerge. International appetite for UK music remains strong, with exports growing by 15% to £4.6 billion. Employment continues to rise steadily at 3%, with 216,000 people now working in the sector.
“This is not a time to be complacent, however. Far from it in fact. 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.”
Culture Secretary Lisa Nandy said: "From global superstars like Harry Styles and Adele, internationally-renowned festivals like Glastonbury and Parklife and a huge range of vibrant subcultures, the music industry is a real British success story. These impressive new figures underline how vitally important it is to driving growth - as it boosted its value to our economy by nearly a billion pounds in one year.
"I am committed to ensuring that the government works with industry to build upon its current success in the years to come. By supporting vital grassroots venues, introducing new secondary ticketing protections for fans and ensuring all children can access high quality music education in schools, we can help the sector go from strength to strength in the future."
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:
1 Promote changes to the law that safeguard against unregulated AI, and reject proposals that fail to achieve this
2 Ensure every child and young person across the UK has access to free music making
3 Introduce a cap on secondary ticket resale prices
4 Fight for visa-free touring for musicians and crew
PHOTO: Anna Lee
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