The figures outlined in This is Music 2024 demonstrates the significant financial value our musicians continue to contribute to the UK's economy. Image credit: Shutterstock.
UK Music, the collective voice of the music industry, has today released its annual economic report on exports and employment figures for the music industry in 2023.
The This Is Music 2024 report reveals that the UK music industry contributed a record £7.6 billion to the UK economy in 2023 in gross value added (GVA) - up 1% from £6.7 billion in 2022.
Thank you to all MU members who took UK Music's research survey. This data will help the Musicians' Union campaign and lobby on behalf of members.
The report reveals strong headline figures for 2023
Key findings are based on real evidence and data collated from across the music industry, and the headline statistics in this year’s report are as follows:
- UK music’s contribution to the UK economy in 2023 hit a record £7.6 billion in terms of Gross Value Added (GVA) - up 13% from £6.7 billion in 2022.
- UK music exports revenue in 2023 soared to a new high of £4.6 billion - up 15% from £4 billion in 2022.
- Total UK music industry employment in 2023 hit a record 216,000 (full-time equivalent posts) - up 3% from 210,000 in 2022.
UK Music’s Chief Executive Tom Kiehl welcomed the figures in the report 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.”
Musicians and music creators continue to face challenges
The report also spotlights the many challenges faced by our members.
For the past two years, UK Music has surveyed British-based music creators and their experiences of Brexit as part of this research. Of those whose income was impacted by Brexit, 87% said their earnings fell in 2023 - up from 82% of those surveyed in 2022.
Other challenges spotlighted by the report include access to music careers, low pay, and the closure of grassroots music venues.
The report also highlights the postponement, cancellation or closure of music festivals; an estimated 192 festivals have disappeared since 2019 according to the Association of Independent Festivals.
The music industry still faces huge challenges and needs support to help it thrive
While the headline figures are positive, the report outlines the fact that the music industry still faces a number of significant challenges to maintaining its world-leading status.
“Despite some very strong headline figures in 2023, the UK music industry has vulnerabilities too,” said Tom Kiehl.
“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.
“We are now at a tipping point, and if the problems we face are not addressed then future growth cannot be guaranteed.”
Four key areas that need urgent action
Tom Kiehl highlighted four main areas that require immediate action to help the UK’s music sector grow in an increasingly competitive global market:
- Promote changes to the law that safeguard against unregulated AI, and reject proposals that fail to achieve this.
- Ensure every child and young person across the UK has access to free music making.
- Introduce a cap on secondary ticket resale prices.
- Fight for visa-free touring for musicians and crew.
We hope that the figures outlined in this report demonstrates the significant financial value our musicians continue to contribute to the UK's economy, and encourages policymakers to take urgent action to support and grow the music industry.
Find out more and view the report in full via UK Music.