British music industry adds record £8bn to UK economy, according to UK Music

The music industry contributed a record total of £8bn to the UK economy in 2024, powered in part by Taylor Swift’s Eras tour and Take That’s stadium run. According to figures in the annual report from UK Music, the umbrella organisation encompassing a range of bodies including the BPI and PRS for Music, the figure is a 5% rise from the £7.6bn contributed to UK GDP in 2023. As well as tours generating revenue through ticket sales, tourism and more, the £8bn figure also factors in revenue from recorded music, whether via sales, streaming, commercial deals and other sources. British artists such as Charli xcx – whose “Brat summer” was arguably the biggest pop cultural event of 2024 – thrived abroad, helping music exports to a new high: another 5% rise, to £4.8bn. This year is likely to keep the trend kicking upwards, thanks in part to blockbuster stadium tours by Oasis, Coldplay and Dua Lipa. Foreign secretary Yvette Cooper heralded music as “one of the most powerful expressions of our soft power in action” and said she was “deeply grateful for the role that the UK music industry plays in promoting British culture around the world”. The industry added a net total of 4,000 new jobs in the UK, taking the number of people working full-time in the music industry to 220,000. The numbers of people actually making music – musicians, composers, songwriters, producers and engineers – rose 2.9% to 157,800, though for many of these people, music is a small part of their overall income. 43% of people were found to earn less than £14,000 a year from music. In a foreword to the report, Cooper pointed to the UK government’s £30m Music Growth Package as a boon to the British industry, and said music is an important facet of the British government’s Soft Power Council, founded in January by her predecessor David Lammy alongside culture secretary Lisa Nandy. The council is designed, in Lammy’s words, to “build relationships, deepen trust, enhance our security and drive economic growth”. UK Music chief executive Tom Kiehl is on the 26-strong advisory body alongside figures from sport, the arts, heritage, tourism and more. But Kiehl warned: “While it is brilliant news that the government now acknowledges music as a high-growth sub-sector, ultimately the government needs to be judged in terms of the progress it makes in regulating artificial intelligence and unlocking EU touring. The status quo on these two big issues is currently tilted against music’s interests.” The encroachments on freedom of movement following Brexit have had a big knock-on effect in the music industry, with bureaucracy and costs meaning that it is harder to tour across the EU. In a UK Music survey of around 1,300 musicians accompanying the financial findings, respondents complained of fewer invites to perform, prohibitive costs and an impact on royalties as their music is performed less in Europe. Timelines and costs for visas to the US have also grown significantly. Related: There’s a £1 idea that could save small music venues. Is Live Nation holding it back? UK Music called for an agreement between the UK and EU to lift visa and work permit requirements, and to cut costs relating to the “carnet” needed to transport goods (such as instruments and touring equipment) across EU borders. There is also a call for a reciprocal agreement between the US and UK on visa costs. There are also fears that AI could erode employability across the sector, as sophisticated tools emerge that can rival human expertise. AI-generated music is also becoming increasingly popular with listeners, meaning human musicians have a new rival for attention, consumer spend and royalty payments. UK Music’s survey gave a mixed picture for the use of artificial intelligence. Well over half of all artists and performers said they don’t use AI and never will. But producers were less circumspect: more than two-thirds of those polled said they either already used it or would be open to doing so.