Major artists like Taylor Swift and Charli XCX helped boost a new record year for the UK’s live music industry, as fans prioritised big concerts over festivals, new analysis shows.
Total consumer spending on the sector reached £6.7 billion in 2024, industry body Live said.
This was 9.5% more than in 2023 and a new record contribution to the economy.
It also marks a rebound since the Covid pandemic, with sales rising significantly above pre-pandemic levels, amid demand among Generation Z and millennial fans and a strong line-up of events.
The figures were drawn up by combining the economic output of 55,000 gigs, concerts and festivals.
The analysis shows that concerts attracted three quarters of live music spending in 2024, with income jumping by 12.2% year-on-year.
Taylor Swift’s blockbuster Eras tour, which hit cities including London, Cardiff and Edinburgh, was pegged as a massive driver of growth last year, with some estimates putting its total economic contribution to the UK at £1 billion.
Popular British artists like Charli XCX, Sam Fender and Dua Lipa also gave the sector a boost, having drawn in millions of fans at concert tours during 2024.
In contrast, festival spending rose by 1.9% year-on-year, which Live said reflected slowing growth for music festivals, some of which have grappled with a prolonged period of inflation and rising costs.
Ticket prices have been driven higher in recent years, with venues taking steps to mitigate the impact of higher labour and energy costs.
Furthermore, the report suggests that more consumers opted to prioritise single-day concerts for major artists over events spanning multiple days, largely because of a squeeze on household incomes.
Jon Collins, Live’s chief executive, said: “While UK live music continued the post-lockdown trend of strong performance for the biggest names at the biggest venues, pressure built across our grassroots as venues closed, tours were cancelled or cut back and festivals called time.”
The industry body has warned of a “grassroots crisis” that incorporates smaller, local venues as well as artists, promoters and festivals.
Seventy eight music festivals called time in 2024, it found, with organisers coming under pressure from rising business costs and less headroom to raise ticket prices.
