In 2022, the UK live music industry experienced an impressive rebound after the devastating pandemic. The PRS for Music, which licenses live events for songwriter members, provided data showing a surge in spend on recorded music and live music, both surpassing the £2 billion mark. Despite a 26% decline in the volume of live music events from 2019 to 2022, the box office spending increased by 22%, exceeding £2 billion for the first time.
This productivity gain was observed across various music events, with arenas, stadiums, and theaters seeing declines in volume but higher ticket prices leading to increased box office revenue. When comparing music spending to disposable income, music’s share of the “recreational wallet” peaked at 3% in 2022, indicating that consumers were allocating more of their income to music-related activities.
Notably, stadiums and festivals have become significant contributors to box office spending, accounting for half of all spending in 2022, compared to 40% in 2019. The growth of these events has been remarkable, doubling their share over the past decade.
While these statistics are impressive and showcase the resilience of the music industry, there are several considerations. The relationship between subscription services and concert attendance needs further exploration, as well as understanding the reasons behind consumers’ willingness to spend more on certain events than others. The sustainability of the industry’s boom amid inflation and changing consumer behavior is a question to address, along with the need for investment in grassroots to maintain the vitality of the entire ecosystem.
Overall, the UK live music industry’s revival is a remarkable success story, with an annual consumer spend of £4 billion on music, a testament to the sector’s ability to bounce back from adversity. However, it is crucial for policymakers and industry stakeholders to continue to understand the dynamics at play and ensure the long-term prosperity of the music scene.