UK live music expenditure soars to a record-breaking $8.9 billion, propelled by Taylor Swift's tour

In a significant turn of events for the UK's live music scene, the 2024 report from the Music Venue Trust and LIVE Trust has revealed that the industry has made a substantial recovery from the lows of 2020, generating a staggering £6.7 billion in revenue.

The report, titled "Live music Industry Venues and Entertainment (LIVE)," analyzed an impressive 55,000 concerts and festivals across the UK. According to the findings, the industry's 2024 revenue was over £2 billion more than in 2019, marking a remarkable comeback.

The LIVE Trust, a federation of 15 live-music industry associations representing over 3,000 businesses, 35,000 artists, and 2,000 backstage workers, played a crucial role in this recovery. The report, released on Tuesday, also highlighted the importance of grassroots venues, stating that significant work is still needed to prevent a continued decline of the grassroots sector.

One of the key contributors to the industry's growth was pop music, which saw a year-over-year revenue increase of 4.7%. Pop music accounted for 32.1% of spending over the country's top 2,000 gigs, making it the biggest beneficiary of the growth in the UK live music industry.

However, the report also shed light on the challenges faced by the grassroots sector. Four out of five jobs in the industry were casual, with 56% of freelancers finding it difficult to secure employment and 48% reporting jobs being cancelled with less than a week of notice. Moreover, one in four late-night venues in the UK have closed since 2020, according to The Guardian.

In response to these challenges, the LIVE Trust is developing a program to redistribute revenue from arena and stadium shows to grassroots venues. LIVE CEO Jon Collins wrote that venues and festivals of all shapes and sizes need industry and government protection to continue delighting audiences.

The organization founded in 2021 to oppose the fate of grassroots venues in the UK and to continue the development of the LIVE Trust is Grassroots UK. The LIVE Trust was established last year to deliver funding to grassroots venues.

London accounted for 28.9% of total activity in the UK live music industry in 2024. Taylor Swift's performances in four cities in the UK in 2024 are estimated to have contributed £1 billion to the total industry revenue.

Despite the industry's impressive recovery, the report from the Music Venue Trust indicates that the grassroots crisis is real. It's crucial for the industry and the government to work together to ensure the survival and growth of the grassroots sector, which plays a vital role in nurturing talent and providing diverse live music experiences.

UK live music expenditure soars to a record-breaking $8.9 billion, propelled by Taylor Swift's tour