UK music contributes record £7.6bn to economy

UK music's value has increased to a record £7.6bn thanks to tours from iconic artists including Beyonce and Elton John, a new report has revealed. 

UK Music's 'This is Music' report showed that the contribution of the sector to the wider UK economy was up 13 percent from £6.7bn in 2022. 

Total UK music industry employment in 2023 hit a record 216,000 (full-time equivalent posts) - up three percent from 210,000 in 2022.  

The figures land at a time when different parts of the industry are facing significant challenges - grassroots venues have been closing at a rapid rate with 125 closing in 2023. 

However, the UK government has recently announced a significant move with every ticket sold at an arena or stadium now containing a financial contribution that supports grassroots music venues, artists and promoters.

Nicky Williams, ICMP's Careers Manager, said:

These latest UK Music provide some fantastic news for the sector, particularly the new record high employment figures and the huge contribution of music to the economy. This is great news for those entering the sector who are looking to secure roles and develop creative careers."

James Brister, ICMP's Artist Development Manager, said: "Of course, this report comes with various caveats - grassroots music venues need more support than ever with so many at risk of closure and there are concerns surrounding the future of many festivals too."

"Still, if we look at research's positives, there's much to be upbeat about - and significant moves have recently been made by the Music Venue Trust to lobby for more support for our vital network of small venues."

Further findings from the report showed how revenue from UK music exports also hit a new high of £4.6bn in 2023 – up 15 percent from £4bn in 2022.  

Visit ukmusic.org to read the full report.