Revenue from the live music scene in the United Kingdom rose to £6.1 billion in 2023. This is because more people paid to see their favourite artists and international superstars, including Nigerian acts, perform live.
This was according to a report by Live, the federation representing Britain’s live music industry. It revealed that the sector’s contribution to the UK economy topped £6 billion for the first time in 2023, representing a 17 percent increase from the previous year and a 35 percent rise compared to pre-pandemic levels.
The growth in the sector was fuelled by concert revenues, which climbed 19 percent year on year, driven by big tours such as those of Beyoncé and Coldplay, which accounted for almost three-quarters of the total £6.1 billion economic impact.
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Nigerian artists also played a role in driving this economic boom, with sold-out concerts in the UK. For instance, Asake’s performance at the O2 Arena, Wizkid’s concert at Tottenham Hotspur Stadium, and Burna Boy’s show at the London Stadium met overwhelming demand, attracting over 140,000 fans in 2023.
Beyond direct ticket sales, the live music industry also generated revenue through spending at venues, nearby businesses, and associated services. The report estimated that artist’s performances alone contributed millions of pounds to the UK economy, supporting local businesses such as restaurants, bars, hotels, and transportation providers.
According to the Guardian UK, Emma Bownes, the vice-president of venue programming at AEG Europe, which owns venues including the O2 in London, said that 2023 was its biggest ever for ticket sales and number of shows.
She also noted that most artists opted to perform five or more shows, as acts including Madonna, Elton John, and The Killers received high demand.
“It was our busiest year,” she said. “There is an appetite for shared experiences in general, people haven’t been able to go to gigs to see their favourite acts, they’ve missed that, and now they are coming out in their droves.”
Jon Collins, the chief executive of Live, said the buzz around Taylor Swift’s Eras tour, which came to the UK this summer, and the announcement of the reunion of Oasis for gigs next year “serves as a reminder of the economic benefits live events can deliver to local economies across the UK.”
He cited figures from the National Arenas Association showing that for every 10,000 people who attend a live music show, £1 million is spent on businesses around the venue, such as restaurants and bars, transport providers, retailers, independent shops, and hotels.
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“These local benefits spread widely to provide a significant boost to the UK economy,” Collins said
Live’s figures showed that London dominated the live music scene, accounting for almost 31 percent of the total £6.1 billion economic impact revenues. Manchester followed the capital at 7.4 percent and Glasgow at 5.5 percent, with Birmingham, Edinburgh, Cardiff, Belfast, Leeds, Sheffield and Liverpool making up the rest of the top 10.
The report also estimated that the live music industry supported jobs for almost 230,000 people last year, an increase of 9.4 percent since 2019.
