Live music accounts for £4 billion of revenue within the UK says a new study by UK Music.
In total, there were approximately 30.9 million that paid to see a live music event during 2016 in the UK. That number is up 12% from the prior year.
Tourism is playing an increasingly important role within the live music economy; the report cites a 20% increase in the number of respondents willing to travel to, and around, the UK for live music. Almost one million concert attendees travelled to the UK to see live music in 2016, spending on average £850 during their visits.
"Live music in the UK is a tremendous success story and makes a massive contribution to our culture and general wellbeing, as well as our economy,” states UK Music’s chief executive Michael Dugher.
Dugher also touched on evidence that goers to smaller establishments (<1500 capacity) spend significantly less money within the room: "UK Music will continue to campaign to safeguard smaller music venues, many of which are fighting for survival".
As travel restrictions could impact live music revenues within the UK borders, here’s a reminder that voting continues to be important.
As reported during the International Music Summit, the electronic music industry is now valued at $7.4 billion.