British Music Industry Boosts UK Economy by £8bn, Reports UK Music

The UK music industry has made a substantial contribution to the economy, generating a record £8 billion in 2024. This figure marks a 5% increase from the previous year’s contribution of £7.6 billion. The annual report from UK Music highlighted this impressive growth, driven by high-profile events like Taylor Swift’s Eras tour and Take That’s stadium performances.

Key Contributions to the UK Economy

The £8 billion revenue encompasses various income streams. These include ticket sales, tourism, and income from recorded music through sales, streaming, and commercial partnerships.

Music Exports and Growth

British music exports also reached new heights, increasing by 5% to £4.8 billion. Artists like Charli XCX played a significant role in this international success, with her release “Brat summer” being a standout cultural event in 2024. Upcoming stadium tours by notable artists such as Oasis, Coldplay, and Dua Lipa are expected to sustain this upward trend.

Employment in the Music Sector

The industry also added approximately 4,000 new jobs, bringing the total number of full-time positions in music to around 220,000. Among these, the number of musicians, composers, songwriters, producers, and engineers increased by 2.9% to 157,800. However, nearly 43% of these individuals earn less than £14,000 annually from their music endeavors.

Government Support and Challenges

Foreign Secretary Yvette Cooper emphasized music’s role as a “powerful expression of soft power” for the UK. She expressed appreciation for the industry’s contribution to promoting British culture globally. The UK government’s £30 million Music Growth Package is seen as a significant support mechanism for the sector.

• Established the Soft Power Council to strengthen cultural ties.
• UK Music chief executive Tom Kiehl highlighted the need for better regulation of AI.

However, challenges remain. The music industry faces obstacles due to post-Brexit changes affecting touring throughout the EU. Increased bureaucracy has made it harder for artists to perform abroad, impacting their revenue and exposure. A survey of around 1,300 musicians revealed concerns about rising costs and reduced performance opportunities within Europe.

Concerns Regarding Artificial Intelligence

The rise of artificial intelligence poses both risks and opportunities for musicians. While over half of the surveyed artists expressed they would not use AI, a significant number of producers acknowledged its potential benefits. More than two-thirds of producers are either using AI or are willing to adopt it.

As the UK music industry continues to navigate these trends and challenges, it remains a vital component of the national economy and cultural identity.