UK Music, which represents all sectors of the music industry has just published its annual economic report.

'This is Music 2024' reveals that the music sector as a whole contributed £7.6 Billion to the UK economy in 2023, despite numerous challenges to the industry.

The amount equates to the Gross Added Value (GAV) to the UK economy — up 13% from 2022. This adds around £20.8 Million a day.

There are now over 216,000 full time equivalent posts in the industry, also up 3% for the past reported year. UK music exports revenue in 2023 also hit a new high of £4.6 billion — up 15% from £4 billion in 2022.

Turbo charge

In welcoming the figures, UK Music's Chief Executive Tom Kiehl said that the music industry was now "ideally placed to turbo charge the new UK government's mission to secure the highest sustained growth in the G7."

He added: "This is not a time to be complacent, however. Far from it in fact. 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.

Increasing global competition, tough financial conditions for artists and the grassroots, as well as the wild west that is generative Artificial Intelligence (AI), are all conspiring to be significant challenges for the sector.

We are now at a tipping point, and if the problems we face are not addressed then future growth cannot be guaranteed."

Challenges

The report highlighted many of the ongoing challenges the sector faced.

It stated that according to the Music Venue Trust charity around 125 grassroots music venues across the country closed last year and more 350 are still at risk.

In addition, the Association of Independent Festival said that it is estimated that 192 festivals have disappeared since 2019 and 60 announced a postponement, cancellation or closure in 2024 alone.

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 tooUK Music

Brexit

Concerns over streaming revenues now cumulatively account for less than 10% of global audio streams, whereas their collective share of global music consumption was estimated at 17% in 2015, according to the BPI.

Brexit has also impacted music creators, with 87% saying their earnings fell in 2023 — up from 82% of those surveyed in 2022.

Report:

To read report go to:
https://www.ukmusic.org/wp-content/uploads/2024/11/TIM-Report-2024-reduced.pdf