Live music’s contribution to the UK economy

Britain’s live music industry contributed £6.1 billion (€7.24 billion) to the national economy in 2023.

This was the first time that sales had topped £6 billion (€7.12 billion) as fans flocked to live events once more after the pandemic years, revealed Live, the federation that represents the sector in the UK.

The 55,000 gigs, concerts and festivals staged in 2023 grew by 17 per cent in 2022 and were 35 per cent up on 2019 before the pandemic hit.

Last year’s concerts increased 19 per cent year on year, thanks to tours by Beyonce and Coldplay amongst others, accounting for almost three-quarters of 2023’s turnover, Live said.

The 2023 figure originated not only from direct ticket sales but also spending at events and in businesses in the immediate area which benefitted from the influx of public.

Live’s chief executive Jon Collins said the much-discussed financial aspects of Taylor Swift’s 2024  Eras tour, and next year’s Oasis reunion, emphasised the benefits of concerts, festivals and live performances on local economies.

National Arenas Association statistics revealed that for every 10,000 people who attended a live music event, £1 million (€1.19 million) would be spent in local restaurants, bars, shops and hotels.