The British music industry has smashed records by contributing a massive £8 billion to the UK economy in 2024. This represents a significant 5% increase from the £7.6 billion recorded the previous year, cementing the sector's vital role in the nation's financial health.
What Powered The Record Growth?
This impressive growth was fuelled by several key factors. Blockbuster stadium tours, including Taylor Swift's Eras tour and a major run by Take That, generated enormous revenue through ticket sales, tourism, and associated spending. The figure also incorporates income from recorded music, spanning streaming, sales, and commercial deals.
British artists also shone on the world stage, driving music exports to a new high of £4.8 billion, another 5% rise. Artists like Charli xcx, whose 'Brat summer' became a defining pop culture moment, thrived internationally. The momentum is expected to continue with upcoming tours from giants like Oasis, Coldplay, and Dua Lipa.
Jobs, Warnings, and Government Role
The industry's expansion translated into tangible job growth, adding a net total of 4,000 new jobs. This brings the number of people in full-time music employment to 220,000. The core creative workforce—musicians, composers, songwriters, producers, and engineers—grew by 2.9% to 157,800.
However, the report highlights a stark reality for many creators: 43% earn less than £14,000 a year from their music work. Foreign secretary Yvette Cooper praised the industry as a pillar of the UK's 'soft power' and pointed to the government's £30m Music Growth Package as a key support.
Challenges on the Horizon: Brexit and AI
Despite the success, Tom Kiehl, chief executive of UK Music, issued strong warnings. He stated that while government recognition is positive, it must be judged on its progress in tackling two critical issues: artificial intelligence (AI) and post-Brexit EU touring.
The complications from Brexit have severely impacted musicians, with increased bureaucracy and costs making European tours difficult. A survey of 1,300 musicians revealed problems with fewer performance invites, prohibitive costs, and reduced royalty payments as their music is played less in Europe.
There are also growing concerns about AI's impact. While over half of artists surveyed said they would never use AI, more than two-thirds of producers were open to it or already using it. The fear is that AI could erode jobs and create a new rival for consumer attention and royalty payments.
UK Music is calling for a new UK-EU agreement to lift visa requirements and reduce costs for transporting equipment. A reciprocal visa cost agreement with the US is also being sought to support the industry's future global success.
