Spending in the UK live music sector reached a record £6.1 billion, fueled by a surge in demand for live events following the pandemic.

Concert revenues saw a significant year-on-year increase of 19%, largely driven by major tours from artists like Beyoncé and Coldplay, which contributed nearly 75% of the total economic impact.

London emerged as the leading city, accounting for nearly 31% of the £6.1 billion economic impact, followed by Manchester at 7.4% and Glasgow at 5.5%.

This impressive figure encompasses the economic impact of over 55,000 gigs, concerts, festivals, and events, including both ticket sales and spending at nearby businesses.

For every 10,000 attendees at a live music show, approximately £1 million is spent with local businesses, significantly boosting the economy.

While industry leaders acknowledged the significant growth in many areas of the live music ecosystem, they also highlighted the challenges leading to the closure of smaller venues and festivals.

Despite the record spending, the report noted the closure of 125 grassroots music venues and 36 festival cancellations last year.

High-profile live events, such as Taylor Swift’s Eras tour and the anticipated Oasis reunion, underscore the economic benefits these events bring to local economies.

In 2023, AEG Europe reported its highest ticket sales and number of shows since its inception in 2007, with many artists performing multiple shows due to high demand.

Live has called for government support to reduce the 20% VAT on tickets, arguing that it is uncompetitive compared to other European markets.

The contribution of the live music industry to the UK economy topped £6 billion for the first time in 2022, reflecting a 17% increase from the previous year and a 35% increase from pre-pandemic levels in 2019.

The live music industry supported around 230,000 jobs last year, reflecting a 9.4% increase since 2019.