Electronic music made £2.5billion for the UK economy last year
‘Electronic Beats, Economic Treats 2024’ music report. It took into account the economic impact of electronic music on the UK economy – looking at trends across recorded music, music publishing and the live scene.In the study, it was found that the genre added approximately £2.5billion to the country’s economy throughout 2023, despite the external threats faced by grassroots music venues.The findings showed a nine per cent decline in visitors to nightclubs over the past 12 months, and the total spend on things associated with a night out (transport, drinks etc) had dropped by 14 per cent.It comes as the Music Venue Trust (MVT) recently revealed that over 30 per cent of all nightclubs in the UK had closed their doors permanently since the start of the pandemic, and 2023 was the worst year for live music spaces, with 125 grassroots venues closed in those 12 months alone.“[This report] sheds light on the challenges faced by the industry, providing insights for future growth,” said Maria May, Head of Electronic Music at Creative Artists Agency (CAA) (via DJ Mag).