The British music industry adds a record £8 billion to the UK economy, according to UK Music | music

The music industry contributed a record total of £8 billion to the UK economy in 2024, partly boosted by Taylor Swift’s Eras tour and Take That’s stadium concert.

According to figures in the annual report from UK Music, the umbrella organization that brings together a range of bodies including the BPI and PRS for Music, the figure represents a 5% increase from the £7.6bn contributed to the UK’s GDP in 2023. As well as touring generating revenue through ticket sales, touring and more, the £8bn figure also takes into account revenue from recorded music, whether via sales, streaming, commercial deals and other sources.

British artists such as Charli This year the trend is likely to continue rising, thanks in part to blockbuster stadium tours by Oasis, Coldplay and Dua Lipa.

Foreign Secretary Yvette Cooper praised music as “one of the most powerful expressions of our soft power at work”, and said she was “deeply grateful for the role the British music industry plays in promoting British culture around the world”.

The industry added a 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 who actually make music — musicians, composers, songwriters, producers and engineers — rose 2.9% to 157,800, even though for many of these people music represents a small portion of their overall income. It found that 43% of people earn less than £14,000 a year from music.

In the introduction to the report, Cooper pointed to the UK government’s £30 million music growth package as a boon for the British industry, and said music was an important aspect of the British government’s Soft Power Council, which her predecessor David Lammy established last January alongside Culture Secretary Lisa Nandy.

The council is designed, in Lamy’s words, to “build relationships, deepen trust, strengthen our security, and drive economic growth.” UK Music CEO Tom Kiehl sits on the 26-member advisory panel alongside figures from sport, arts, heritage, tourism and more.

But Kiel warned: “While it is great news that the government has now recognized music as a high-growth sub-sector, ultimately the government needs to be judged on the progress it makes in regulating AI and opening up touring in the EU. The status quo on these two big issues is currently tilted against music interests.”

The post-Brexit encroachment on freedom of movement has had a major impact on the music industry, with bureaucracy and costs making it difficult to tour across the EU.

In a UK music survey of around 1,300 musicians accompanying the financial results, participants complained of fewer invitations to perform, high costs and the impact on royalties as their music is performed less often in Europe. The timelines and costs for US visas have also grown significantly.

UK Music has called for an agreement between the UK and the EU to lift visa and work permit requirements, and to reduce costs related to the ‘carrier’ needed to transport goods (such as musical instruments and touring equipment) across EU borders. There is also a call for a mutual agreement between the US and UK on visa costs.

There are also concerns that AI will erode employability across the sector, with the emergence of sophisticated tools that could rival human expertise. AI-generated music is also becoming increasingly popular with listeners, meaning human musicians have a new competitor for attention, consumer spending, and royalty payments.

The UK Music survey gave a mixed picture of the use of AI. More than half of artists and performers said they do not use AI and will never use it. But producers were less cautious: more than two-thirds of those surveyed said they had either already used it or would be open to doing so.