A new report published by industry body LIVE has reported that the sector’s contribution to the UK economy has exceeded £6 billion for the first time.
LIVE’s annual UK Live Music report detailed a year-on-year uplift of 17% since 2022 and an increase of 35% on the pre-pandemic 2019 figures. The figures also counted 230,000 employment roles in the sector last year, an increase of 9.4% since 2019.
The report said that growth in the sector was primarily driven by concert revenues, which jumped by 19% year-on-year and accounted for 73.5% of the £6 billion total, boosted by the tours of major artists, such as Beyoncé and Coldplay.
In 2023, London accounted for 30.6% of total live music revenue while Manchester accounted for 7.4% and Glasgow 5.5%. Edinburgh, Birmingham, Cardiff and Belfast were also in the top 10 cities.
LIVE also highlighted issues around the closure of festivals and grassroots venues, with 36 festivals cancelled and 125 grassroots music venues permanently shut last year.
2023 delivered significant growth for many sections of the live music ecosystem
Jon Collins, LIVE
The body is calling on the Government to reduce the current rate of 20% VAT on tickets and is supportive of the Culture, Media and Sport Committee recommendation in May this year that Government should introduce a temporary cut to VAT to prompt grassroots activity.
LIVE CEO Jon Collins (above) said: “2023 delivered significant growth for many sections of the live music ecosystem. 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.
“We welcome the commitments made by the Government to put the creative industries at the centre of the UK’s economic growth plan. Reintroducing a lower rate of VAT on tickets would bring the UK into line with international competitors and would be pivotal in unlocking the economic potential of our industry. With a lower rate of VAT on tickets, we could see the sector grow further, supporting more jobs, generating more investment, and putting on more gigs, festivals and tours for people to enjoy.”
LIVE chair Steve Lamacq added: “Our live music sector is world class offering concerts, festivals, gigs and more to suit every music taste. Last year, we saw much of the live music sector triumph over adversity; faced with a spike in costs as a result of inflation, the cost-of-living crisis and labour shortages, fans had more concerts and festivals than ever to enjoy. However, we cannot forget that urgent action is needed to support the many grassroots venues, artists, and festivals which continued to struggle last year.”
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