Live music gives London a £2bn boost – but venues are still battling rising costs
Economists and melomaniacs alike have reason to cheer the capital’s post-pandemic musical revival with the capital’s coffers given a £2bn boost by large and small concerts alike.
Nearly 5m music lovers flocked to the capital last year to attend live music events, according to a report from UK Music, filling hotels, bars and restaurants.
The umbrella body’s chief executive Jamie Njoku-Goodwin, writing for City PM, said the findings are a “testament to just how important a thriving musical ecosystem is for our towns and cities”.
With the “right support”, UK Music believes the economic impact of music tourism could “increase significantly” by 2030 as it benefits local economies and creates more jobs.
“Music is one of our country’s great assets,” Njoku-Goodwin said, adding that it was “absolutely critical” to the success of local economies.
Minister for Tourism and Creative Industries John Whittingdale said the report “demonstrates that live music has come back post-Covid even stronger”.
Njoku-Goodwin added, however, that infrastructure and talent pipeline that the country’s music industry relies on “still faces huge challenges”.
“With a venue closing every week, one in six festivals not returning since the pandemic, and many studios facing huge economic pressures, it’s vital that we protect the musical infrastructure that does so much for our towns and cities,” he added.