Economic Impact of UK Live Music Industry

According to the recent findings by LIVE, the federation that represents the United Kingdom’s live music industry, there is a significant impact on the economy that cannot be ignored. Hitting a record breaking £6.1 billion, the live music industry clearly contributes to the country’s financial success. This increase in the UK’s economy means promising sights for the future of live events throughout the UK that were in danger since so many venues closed during 2020 and have since closed their doors for good.

LIVE calculated that the £6.1 billion figure came from over 55,000 live events held in the country including concerts, festivals, gigs and other live events through ticket sales, spending at the events themselves and spending at businesses near the venues on the day of the events. However, this figure does not include spending costs of times around the events such as the days before and after which can also contribute to an event’s success. It should also be noted that major events make up almost three quarters of that figure. This could mean trouble for smaller acts and tours in the coming years…

Tours such as Coldplay, Beyonce, and Taylor Swift largely supported the figure found by LIVE. Not only the acts themselves, but also the locations are of importance to note for where the majority of spending happens for events in the UK. Glasgow, Scotland was the third largest city to have major additions to the spending figure. Manchester, England was the runner up and leading the charge was of course London, England. London was responsible for almost one third (31%) of live music revenue.

Emma Bownes, the Vice President of venue programming for AEG Europe stated:

“It was our busiest year. There is an appetite for shared experiences in general, people haven’t been able to go to gigs to see their favourite acts, they’ve missed that, and now they are coming out in their droves.”

Such economic boosts to local and larger venues clearly have a strong impact on economies not only in their local areas but surrounding ones as well. It was heavily noted during the major events and tours that public transport systems found themselves overwhelmed by the sheer number of people suddenly needing access to travel further distances. Trains, buses and aeroplanes all experienced delays with the crowds coming to see their favourite artists. 

Jon Collins, the Chief Executive of LIVE adds a warning such massive economic influence of such massive tours and events as the company also recorded the closure of 125 grassroots venues and the cancellation of 36 festivals. Rising costs and the live events industry in general have always affected smaller venues and artists. The screams for government support for the arts continue from communities throughout the country. Collins went on to state:

“We had some of the biggest names in music sell out tours and festivals across the UK. But we also saw pressure build up across our industry, leading to grassroots music venues and festivals left with no choice but to close down in the face of rising costs.”

Festivals, tours, concerts and other live events can publish and advertise on StageLync and we are happy to continue to help promote these fantastic live events throughout the UK and Europe.

Photo source: Shutterstock

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