UK Music Industry Sees Record £8bn Boost to Economy in 2024
The UK music industry has made a significant contribution to the country's economy, with a record-breaking £8 billion added to the UK GDP in 2024. This represents a 5% rise from last year's figure of £7.6 billion and marks a major milestone for the sector.
Taylor Swift's Eras tour and Take That's stadium run were among the factors that contributed to the increase, as well as revenue generated through tourism, recorded music sales, streaming, commercial deals, and other sources. The £8 billion figure also includes revenue from foreign artists, with British exports of music reaching a new high of 5% (£4.8 billion).
The growth in the industry has led to an addition of 4,000 new jobs, taking the total number of full-time musicians, composers, songwriters, producers, and engineers to 220,000. However, many of these individuals earn only small amounts from music, with 43% of respondents earning less than £14,000 per year.
The UK government's Music Growth Package has been hailed as a boon for the industry, but UK Music chief executive Tom Kiehl warned that artificial intelligence poses a significant threat to employability in the sector. Over two-thirds of producers polled said they would use AI or already do so, which could erode human expertise and impact consumer spend and royalty payments.
The encroachment on freedom of movement following Brexit has also had a major impact on the industry, with increased bureaucracy and costs making it harder for artists to tour in Europe. UK Music is calling for an agreement between the UK and EU to lift visa requirements and reduce costs associated with touring equipment transportation across borders.
With blockbuster stadium tours by Oasis, Coldplay, and Dua Lipa expected to continue this trend, music fans can look forward to another exciting year of live performances from some of the world's biggest acts.
The UK music industry has made a significant contribution to the country's economy, with a record-breaking £8 billion added to the UK GDP in 2024. This represents a 5% rise from last year's figure of £7.6 billion and marks a major milestone for the sector.
Taylor Swift's Eras tour and Take That's stadium run were among the factors that contributed to the increase, as well as revenue generated through tourism, recorded music sales, streaming, commercial deals, and other sources. The £8 billion figure also includes revenue from foreign artists, with British exports of music reaching a new high of 5% (£4.8 billion).
The growth in the industry has led to an addition of 4,000 new jobs, taking the total number of full-time musicians, composers, songwriters, producers, and engineers to 220,000. However, many of these individuals earn only small amounts from music, with 43% of respondents earning less than £14,000 per year.
The UK government's Music Growth Package has been hailed as a boon for the industry, but UK Music chief executive Tom Kiehl warned that artificial intelligence poses a significant threat to employability in the sector. Over two-thirds of producers polled said they would use AI or already do so, which could erode human expertise and impact consumer spend and royalty payments.
The encroachment on freedom of movement following Brexit has also had a major impact on the industry, with increased bureaucracy and costs making it harder for artists to tour in Europe. UK Music is calling for an agreement between the UK and EU to lift visa requirements and reduce costs associated with touring equipment transportation across borders.
With blockbuster stadium tours by Oasis, Coldplay, and Dua Lipa expected to continue this trend, music fans can look forward to another exciting year of live performances from some of the world's biggest acts.
just had to share that I'm beyond thrilled for the UK music industry 
! £8 billion boost is insane, and I know so many talented artists who work their hearts out yet barely make ends meet 
220,000 full-time creatives? Mind blown! 
but at the same time, AI taking over the game is scary... can't imagine a world where human touch loses value 
what's your take on it? Should we be embracing tech or preserving our artistry? 
... I mean, I'm all for celebrating our artists and their hard work, but it seems like a lot of people are struggling to make ends meet - 43% earning less than £14k per year? That's just not sustainable 
. But at the same time, I'm getting a bit worried about AI taking over... I mean, we don't want human creativity being lost in the machine 
. And what about the touring industry? Brexit's already caused so many headaches - do you think it'll ever get sorted out 
?
Music industry's £8bn boost in 2024 is a good news for economy, but bad news for those making less than £14k 
220,000 musicians, composers etc and only 43% earning that much? 
AI taking over jobs, big loss for human expertise 
! £8 billion is crazy and it's not just about the big-name artists like Taylor Swift either, it's also about all the talented musicians who are earning a decent living (well, relatively speaking). 4,000 new jobs is amazing too, that's gotta be a great feeling for those creatives 
. And yeah, I can see how AI could be a threat to human expertise in music production and stuff, but I think that's a trade-off we're willing to make for the sake of progress 
That's, like, insane!!! And it's not just about the money (although who doesn't love a good financial boost 
), it's also about the jobs and all the talented musicians who are out there killing their craft. I mean, have you seen those stadium tours they're doing? 
Like, Oasis, Coldplay, Dua Lipa... the list goes on! 
And the fact that UK Music is advocating for better visa requirements and less bureaucratic red tape for artists to tour in Europe is, like, totally needed. 
I'm so over these EU visa rules already 
but seriously, it's all about promoting freedom of movement for creatives and making sure they can make a living off their music. And, of course, with AI on the rise, it's gonna be interesting to see how this all plays out... 