The impact on the music industry
1. Economic value: In 2021, the music industry contributed £4 billion to the UK economy. This was an increase compared to 2020 but 31% down on the £5.8 billion the industry contributed in 2019.
2. Gigs: Live music attracts visitors to an area and encourages them to spend money. According to research by UK Music, a small gig can be worth £50,000 to the local economy.
3. Exports: In 2019, the music industry generated £2.9 billion in exports. In 2020, industry exports fell to £2.3 billion, but they recovered somewhat to £2.5 billion in 2021.
4. Sector-comparison: Like every sector, the music industry was damaged by COVID-19. Even after COVID-19, more people work in music than in the steel and fisheries industries.
5. EU market value: In 2019, the EU market was four times the size of the US. This means more British performers played in Europe than in the US.