This Is Music Report Reveals Sector Contributes Record £7.6 Billion To UK Economy

This Is Music Report Reveals Sector Contributes Record £7.6 Billion To UK Economy

This Is Music Report Reveals Sector Contributes Record £7.6 Billion To UK Economy 998 704 SOS - Save our Spectrum

UK Music, the collective voice of the UK music industry, has released its annual economic report, This is Music 2024. The report outlines the huge economic contribution the UK music industry makes to the economy.

It was a stellar year for live music with artists such as Beyoncé, Burna Boy, Harry Styles, Blur, and Pink, Elton John and Ed Sheeran all playing big UK shows, while there were also standout performances in 2023 from emerging acts like The Last Dinner Party and English Teacher.

Exports received a further boost from international touring by British artists in 2023, including Harry Styles, Coldplay, Depeche Mode, Blur, Def Leppard, Sam Fender, and Arctic Monkeys, while Adele continued her 2023 residency at Caesars Palace Las Vegas.

The key headline statistics in UK Musics 2024 report are: 

  • UK music’s contribution to the UK economy in 2023 hit a record £7.6 billion in terms of Gross Value Added (GVA) – up 13% from £6.7 billion in 2022. 
  • UK music exports revenue in 2023 hit a new high of £4.6 billion – up 15% from £4 billion in 2022.  
  • Total UK music industry employment in 2023 hit a record 216,000 (full-time equivalent posts) – up 3% from 210,000 in 2022.  

UK Music’s Chief Executive Tom Kiehl welcomed the figures in This Is Music 2024 as evidence the “music industry is ideally placed to turbo charge the new UK government’s mission to secure the highest sustained growth in the G7.”

Source: https://www.ukmusic.org/news/this-is-music-report-reveals-sector-contributes-record-7-6-billion-to-uk-economy/