Music’s contribution to UK economy hit record high last year

The music industry contributed a record £7.6bn to the UK economy in 2023, according to figures from UK Music.

The music body’s annual economic report, This is Music 2024, says the figure is up 13% from £6.7bn in 2022.

UK music exports revenue also hit a new high last year, amassing £4.6bn, up 15% on the year prior.

Total UK music industry employment also reached a new high, with a total 216,000 full-time equivalent posts, up 3% from 210,000 in 2022.

UK Music’s chief executive Tom Kiehl welcomed the figures as evidence the “music industry is ideally placed to turbo charge the new UK government’s mission to secure the highest sustained growth in the G7”.

But Kiehl added this is not time to be complacent, warning that vulnerability remains behind the headline figures.

“Increasing global competition, tough financial conditions for artists and the grassroots, as well as the wild west that is generative artificial intelligence (AI), are all conspiring to be significant challenges for the sector,” Kiehl explained.

“We are now at a tipping point, and if the problems we face are not addressed then future growth cannot be guaranteed.”

He highlighted four key areas where urgent action is needed to support the UK’s music sector as legislative changes that safeguard against unregulated AI, free access to music making for all young people, introducing a cap on secondary ticket resale prices and fighting for visa-free touring for musicians and crew.