It follows increased calls for the music industry to take urgent action and introduce an arena ticket levy A new report has found that the UK music industry contributes a record £7.6billion to the country’s economy, despite the grassroots sector remaining under threat. READ MORE: UK grassroots venues suffering from “the complete collapse of touring” – here’s how you can help Findings from UK Music’s This Is Music 2024 report today (November 20) have revealed that the industry’s contributions to the economy in 2023 increased by 13 per cent from 2022, marking a record high.
The increase is part of a wider trend, with UK music exports revenue also hitting a new high of £4.6billion, up 15 per cent from the previous year. Elsewhere, employment is also up, with 216,000 people now working in the industry, compared to 210,000 in 2022.
Though these statistics point to growth in the industry, much of the grassroots sector continues to face challenges. For venues, 2023 proved to be “disastrous” and the worst year on record with 125 grassroots music venues shutting their doors . Music Venue Trust (MVT) has also pointed to a potential “complete collapse of touring” as a result of the recent budget announcement that introduces £7million in new premises taxes.
MVT has suggested that this will place 350 grassroots music venues at immediate risk of closure – threatening more than 12,000 jobs, over £250million in economic activity and the loss of over 75,000 live mu.