Reports Show Live Music in the UK is as Profitable as Ever

live music concert

The live music business is the most lucrative sector in the U.K.’s music industry and continues to grow, according to a study covering statistics for concert goers 2015 and 2016.

UK Music’s Wish You Were Here study showed that almost 31 million people went to live music festivals in the country, up by 4 million from 2015. Ticket sales and concert merchandise accounted for most of the revenue.

Profitable Business

The increase in live music attendance has provided a boost for many parts of the music industry, with demand for the hire of stage roofing systems and sound and lighting rigs remaining high and prices remaining competitive.

Part of the reason for the larger number of punters is the increase in music tourism. People are willing to fly from other parts of the country and abroad to see live music events. The study noted a 20 per cent increase in music tourists in 2016, while almost 1 million people from overseas spending an average of £850 to attend concerts and music festivals.

Theatre Revenue

Statistics from UK Theatre confirmed with the Wish You Were Here study. The trade group said that rock and pop concerts were the best-selling events between 2013 and 2016 when ticket revenue rose 50 per cent to almost £30 million. Events in these two genres comprised a total of 1,654 performances.

Fiona Allan, UK Theatre president, said that the report further proved that the music industry has endured ‘challenging times’ and overcome financial difficulties. The trend looks set to continue this year, even if ticket prices have become more expensive. According to the National Arenas Association, gig tickets now cost £47.14 compared to £45.49 in 2016.

Rosy Future

The live music industry growth in recent years bodes well for equipment rental providers and other businesses. Since more people wish to see their favourite artists, organisers will continue to need their services.