​UK music industry contributed £7.6 billion to the economy in 2023, report reveals

The UK music industry contributed a “record high” £7.6 billion to the economy in 2023, according to a new report from UK Music.

The annual report, titled This Is Music 2024, found that the UK music industry grew by just under £1 billion in terms of Gross Value Added (GVA) between 2022 and 2023, up 13%.

This Is Music 2024 also notes that this record high contribution is in part thanks to huge arena and stadium shows from stars like Elton John, Beyoncé, and Harry Styles.

“The music industry is ideally placed to turbo charge the new UK government’s mission to secure the highest sustained growth in the G7,” says UK Music CEO Tom Kiehl.

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“A decade which began with the pandemic, causing much devastation to the sector, has seen a resilient music industry emerge,” he says. “International appetite for UK music remains strong, with exports growing by 15% to £4.6 billion.”

The report also found that, in 2023, employment rates in the music industry rose by 3% from the year prior, with more than 216,000 people working in the sector in the UK.

News of this milestone growth comes amidst a turbulent time for grassroots music in the UK, with independent venues closing at an alarming rate across the country.

According to a report from CGA Neilson, 65 nightclubs in the UK have closed down in 2024 alone – while a report from Music Venue Trust last year predicted a 10% loss of all grassroots music venues by the end of 2023 in the UK.

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A recent proposal by the UK's Creative Industries Minister Sir Chris Bryant suggests that the live music industry should introduce a voluntary £1 ticket levy for stadium and arena shows, which would give back to grassroots music.

“This is not a time to be complacent,” says Tom Kiehl. “This is Music 2024 tells the story, based on real evidence and data from across the sector, that despite some very strong headline figures in 2023, the UK music industry has vulnerabilities too.”

Kiehl made suggestions that could help to keep the UK’s music sector alive, which include ensuring young people in the UK have free access to music making, implementing a cap on secondary ticket reselling, and fighting for visa-free touring for musicians and crew.

Read the full report here.

Gemma Ross is Mixmag's Assistant Editor, follow her on Twitter