The value of the music industry in Britain - Reaches a record of 7.6 billion pounds!
The value of the UK music industry has hit a record £7.6bn after music superstars such as Elton John, Beyoncé, Coldplay and Ed Sheeran embarked on Covid-delayed tours to cash in on fan demand for live shows.
UK Music, the umbrella organization representing the commercial music industry from artists and record companies to the live music sector, said the industry's economic value to the UK economy will grow by almost £1bn in 2023.
UK tours by headliners, including recent live shows by Elton John, Ed Sheeran, Blur, Harry Styles and Beyoncé, helped boost music's contribution to the country's economy by 13% to a record £7.6 billion .
It also proved to be a bumper year for British music "exports", with international tours including Coldplay, Styles, Arctic Monkeys and Adele, who has had a residency at Caesars Palace in Las Vegas.
UK music export earnings reached a new high of £4.6 billion last year, up 15% on the £4 billion recorded in 2022.
The boom in live music also means employment in the industry reached a record 216,000 full-time equivalent posts last year, up 3% from 210,000 in 2022.
However, while big-name gigs proved to be cash machines for the industry, the report highlighted figures from the charity Music Venue Trust, which showed that around 125 grassroots music venues across the UK closed last year and more than 350 are at risk.
Since the shutdown of live music during the Covid pandemic, the festival sector has also struggled to recover, with many smaller-scale events disappearing or struggling to continue.
The Association of Independent Festivals has said that 60 festivals have announced postponement, cancellation or closure this year, while 192 have disappeared since 2019, just before the Covid pandemic.
The music sector faced major threats from issues such as the remuneration artists receive from streaming and the growing impact of lost profits from unlicensed artificial intelligence programs that use their work without permission.
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