UK music industry hits record value of £7.6 billion
According to a new report, thanks to a series of high-profile tours, the UK music industry reached a new all-time value of £7.6 billion in 2023.
The report has been published by UK Music, an organisation that oversees bodies from across the industry, such as the live sector and record labels. Their latest findings show that 2023 marked an improvement for the industry as a whole, with revenue increasing by £1 billion and 13 per cent compared with the previous 12 months.
Various factors have combined to boost the UK music industry, most notably the success of British exports. In 2022, this contributed £4 billion, but according to the latest report, it has now grown to £4.6 billion, marking a 15 per cent growth since the last set of available statistics.
Another minor area of improvement is employment, which has jumped from 210,000 in 2022 to 216,000 in 2023.
Following the report’s publication, UK Music’s chief executive, Tom Kiehl, has warned that the industry must continue to build upon the positive findings ahead of possible difficulties that could await it in the near future.
“A decade which began with the pandemic, causing much devastation to the sector, has seen a resilient music industry emerge,” Kiel remarked: “This is not a time to be complacent. The UK music industry has vulnerabilities, too.”
Kiehl continued: “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.”
Furthermore, 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.”
Nandy, who started the role in July, ensured that she is “committed to ensuring that the government works with industry to build upon its current success in the years to come.”
The need to support grassroots venues
The Labour MP also highlighted the importance of supporting grassroots venues to help the UK continue to create artists who can dominate the global music industry. Furthermore, Nandy said they plan on “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.”
According to the Music Venue Trust, 125 grassroots venues closed their doors across the United Kingdom in 2023, and a further 350 are currently under threat of going under.
Nandy’s message of support for grassroots venues has been echoed by Mark Davyd, the CEO of Music Venue Trust, who claims that the latest report shows that money is available. “You can try to tell me that the music industry cannot afford to invest in its grassroots to ensure it has a bright future. But I’m afraid I don’t believe you, and neither does the government,” he remarked.
Davyd’s comments come after Sam Fender and Katy Perry both attached a £1 levy to tickets on their respective upcoming UK arena tours, which will support the Music Venue Trust.
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