The UK music industry contributed £5.2 billion to the UK economy in 2018.
The Live Music sector made a contribution of £1.1 billion in 2018 – up 10% from £991 million in 2017.
The flagship annual economic study by UK Music and its members showed that the music industry continued to grow last year across every sector.
Successful British acts including Ed Sheeran, Dua Lipa and Sam Smith helped exports of UK music soar in 2018 to £2.7 billion.
Millions of fans who poured into concerts ranging from festivals to grassroots music venues generated a contribution of live music to the UK’s economy of £1.1 billion – up 10% on 2017.
Although Glastonbury Festival did not take place in 2018 when the data for the report was collected, the rise in the number of other festivals across the UK, particularly in Scotland, such as TRNSMT and Sunday Sessions, boosted the numbers.
UK Music CEO Michael Dugher Comments on the Report:
“The figures are hugely encouraging and show that, as well as enriching the lives of millions of people, music makes an incredible contribution to the UK’s economy. Live music is now at a record high and continues to draw millions of fans from both the UK and abroad to our arenas and smaller venues alike.”
Reflecting, he divulges “this is not a time for complacency. We face many challenges to ensure we keep our music industry vibrant, diverse and punching above its weight. We need to do more to protect grassroots venues by helping them combat soaring business rates. We need to nurture the talent pipeline, including by reversing the decline of music in education, so that children from every background have access to music.
One of the biggest issues facing the UK music industry, and all UK residents and business – Brexit… Dugher explains:
“We need to make sure that creators get fair rewards for their content and are not ripped off by big tech. And we urgently need to ensure that the impact of Brexit doesn’t put in jeopardy the free movement of talent, just at the time when we should be looking outwards and backing the best of British talent right across the world”.
Read the full UK Music Report Here
