UK Live Music Sector Hits Record £6.1 Billion

The UK live music sector made a record contribution of £6.1 billion to the economy in 2023, marking a 17% increase from 2022 and a 35% rise compared to pre-pandemic levels in 2019. Major acts like Beyoncé, Coldplay, and Elton John drove this growth, with concert revenues accounting for 73.5% of the total impact. Live music supported nearly 230,000 jobs, reflecting a 9.4% increase since 2019. However, the sector also faced challenges as 125 grassroots venues permanently closed and 36 festivals were canceled due to the cost-of-living crisis and other pressures. LIVE, the industry body, is advocating for a reduction in VAT on live music tickets to support grassroots venues and festivals. The report highlights both the economic power of live music and the urgent need for government intervention to sustain its future.