UK live music industry reaches record £6.1bn in 2023

In 2023, the UK live music industry experienced unprecedented growth, reaching an economic impact of £6.1 billion, a 17% increase from 2022 and a 35% rise compared to pre-pandemic levels in 2019. This surge was largely driven by high-profile concerts featuring major artists like Elton John and Beyoncé, which attracted fans eager to return to live events after the restrictions of the Covid pandemic. The report highlighted that concert revenues alone rose by 19% year-on-year, with significant contributions from tours by artists such as Coldplay. The demand for live music was evident, as venues like the O2 in London reported record ticket sales and an increase in the number of shows. Many artists opted to perform multiple dates due to the overwhelming interest from fans. This resurgence in live performances not only benefited the artists but also had a positive ripple effect on local economies, with an estimated £1 million spent for every 10,000 attendees at live events. Despite the overall growth, the report also pointed out challenges within the industry, including the closure of 125 grassroots music venues and the cancellation of 36 festivals. These closures highlight the pressures faced by smaller venues and events, which struggle with rising costs and competition. The trade body, Live, has called for government support to address these issues, particularly advocating for a temporary reduction in the 20% VAT on tickets to help sustain the grassroots music sector. The findings underscore the importance of live music not only as a source of entertainment but also as a vital contributor to the UK economy and local communities.