The UK music industry bestowed a whopping £5.2 billion to the UK economy in 2018 with the live music sector, which includes concerts, gigs and festivals, contributing £1.1 billion alone! The UK music industry will halve in size this year on account of COVID 19. Keep reading to learn more.
UK Music industry will halve in size this year!
UK Music, a commercial music representative revealed that they had grown 11% by last year which made it worth £5.8 billion to the economy. But COVID has a really big impact on these earnings as the total contribution is said to hurtle down to £3 billion due to cancellations of musical tours, gigs, and festivals. This also includes the British music sold overseas in forms of tours which play a big part in contributing to the gross value added, or GVA, as well.
Keep reading to learn why UK Music industry will halve in size this year!
Jamie Njoku-Goodwin, the CEO of UK Music added that the industry has suffered from a “catastrophic blow” with the risk of almost 200,000 people having to lose their jobs due to the pandemic.“The UK music industry was a vibrant, fast-growing and commercially successful sector before the pandemic hit,” he added.
Which is a very hard blow on everyone considering that they contributed £2.7 billion GVA for the UK economy last year!
“In aggregate over 65% of music creators’ income will be lost as a direct consequence of COVID-19 and this could extend to over 80% for those most reliant on live performance,” the report observed.
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