Live music events contributed a record amount to the UK economy last year, aided by a string of tours by big name artists following the pandemic.
Some £6.1 billion was added to the economy from such events last year, according to industry body Live, marking a 17% increase on 2022.
The figure also represented a 35% jump against the industry’s impact in 2019, before the pandemic shut venues.
This was as the likes of Coldplay, Beyonce and Elton John embarked on sold-out tours, with direct concert ticket revenues making up three-quarters of the total.
Some 55,000 events, such as concerts and festivals, were included in the analysis, which comes after reports Taylor Swift’s Eras Tour this year had also aided the economy.
Estimates placed the contribution of Swift’s 15 concerts in the UK at £1 billion alone as drinks flowed and hotels were booked up during the dates.
Live warned the industry was still facing hardship on the back of growing living costs, however, highlighting that 125 grassroots venues were forced to permanently shut in 2023.
“Last year, we saw much of the live music sector triumph over adversity,” BBC radio DJ and Live chair Steve Lamacq commented.
“Faced with a spike in costs as a result of inflation, the cost-of-living crisis and labour shortages, fans had more concerts and festivals than ever to enjoy.
“However, we cannot forget that urgent action is needed to support the many grassroots venues, artists, and festivals which continued to struggle last year.”