UK Music Industry Hits Record £7.6 Billion Despite Grassroots Challenges

The UK music sector's economic contribution surges, but small venues face closures and AI poses new threats.

The UK music industry's contribution to the economy increased by 13% in 2023, reaching a record £7.6 billion.
Music exports also saw a significant rise, reaching £4.6 billion, marking a 15% increase from the previous year.
Employment in the music sector hit a record high with 216,000 full-time equivalent positions, up from 210,000 in 2022.
Despite these successes, 125 grassroots music venues closed last year, with over 350 more at risk due to financial pressures.
The industry faces challenges from global competition, financial strains on artists, and the impact of unregulated AI on music creation.