Beyonce and Blur boost UK economy by £8billion as music industry starts thriving again
THE music biz has bounced back in style from the dark days of lockdown.
Sellout shows by Beyonce, Blur and Harry Styles helped boost the British economy by an incredible £8billion last year.
And 2024’s figures are likely to be even higher following Taylor Swift’s mega successful 15-date UK Eras tour.
It’s all a far cry from the lockdown crisis of 2020, when all live gigs were stopped literally overnight.
Every musician I interview will recall the pain of the pandemic and the devastating impact it had on the music industry.
One in three people lost their jobs and as a team, we talked for hours about how long it would take for the industry to recover.
Well, new research has revealed the music business is booming, with 19.2million music fans heading to gigs and festivals, including Glastonbury and TRNSMT, in 2023.
It’s a huge bounce back for musicians, and a massive leap forward, with both figures rising more than 20 per cent compared to 2022.
Jobs in the music industry are also coming back, with music tourism helping 62,000 stay in work last year — an increase of more than 17 per cent from the year before.
The growth isn’t just in London too, with music fans from home and abroad travelling more than ever before within the UK to see their favourite artists.
Just over £4.2bn of that figure came from ticket sales, travel, accommodation and meals and drinks out — with the remaining £3.8bn spent indirectly, with local businesses getting a much-needed cash boost.
The research, compiled by UK Music, shows that the music industry is finally getting back on its feet but there is certainly more work to be done.
The company’s chief executive Tom Kiehl admitted that more money is desperately needed to prevent grassroots venues from disappearing.
Artists are listening and are doing all they can to help.
Next month Sex Pistols rockers Paul Cook, Glen Matlock and Steve Jones are teaming up with Frank Carter for two special gigs at West London’s Bush Hall in a bid to raise cash to save the venue from closure.
The Music Venue trust has also been campaigning for a £1 donation to be added to the price of tickets for arena and stadium shows.
The cash would be pumped back into the small venues and clubs — where most headline acts started out. It is a brilliant concept we should absolutely be getting behind.
And with huge shows still to come from Janet Jackson, Jonas Brothers and Charli XCX later this year, plus the return of Taylor Swift for a further five shows at Wembley Stadium next month, I fully expect this year’s financial figures to make music history.
The more we can do to help the music industry grow, the better.
Long may it continue.