UK music contributes record £7.6billion to the economy – while the grassroots remain under threat

nme.com:

This Is Music 2024 report today (November 20) have revealed that the industry’s contributions to the economy in 2023 increased by 13 per cent from 2022, marking a record high.The increase is part of a wider trend, with UK music exports revenue also hitting a new high of £4.6billion, up 15 per cent from the previous year.

Elsewhere, employment is also up, with 216,000 people now working in the industry, compared to 210,000 in 2022.Though these statistics point to growth in the industry, much of the grassroots sector continues to face challenges.

For venues, 2023 proved to be “disastrous” and the worst year on record with 125 grassroots music venues shutting their doors.Music Venue Trust (MVT) has also pointed to a potential “complete collapse of touring” as a result of the recent budget announcement that introduces £7million in new premises taxes.

MVT has suggested that this will place 350 grassroots music venues at immediate risk of closure – threatening more than 12,000 jobs, over £250million in economic activity and the loss of over 75,000 live music events.Responding to today’s figures, UK Music’s Chief Executive Tom Kiehl highlighted the challenges facing the sector despite it’s growth, including: “Increasing global competition, tough financial conditions for artists and the grassroots, as well as the wild west that is generative Artificial Intelligence (AI).”6️⃣ "We are at a tipping point" – @TomKiehl warns action needed now to secure future growth. #ThisIsMusic2024 pic.twitter.com/iHzdF0TPoS— UK Music (@UK_Music) November 20, 2024Kiehl highlighted four key areas where urgent action is needed to help the sector grow.