UK Music has revealed that the UK music industry contributed a record-breaking £8bn to the UK economy in 2024 — up 5% on the previous year.
That figure is one of the major headlines in the organisation’s newly published This Is Music 2025 report, which outlines ‘the huge contribution the UK music industry makes to the economy’ as well as several of the ‘challenges’ facing the sector.
The report also found that UK music exports revenue reached a new high of £4.8bn in 2024, while total UK music industry employment rose to a record 220,000.
Major UK tours by the likes of Take That, Taylor Swift, Bruce Springsteen, Liam Gallagher and Girls Aloud in 2024 helped drive those figures, while UK exports received a further boost from the commercial success of homegrown music creators such as Charli xcx and Lola Young.
The This Is Music 2025 report also highlights how PRS for Music paid out a record £1.02bn in royalties to songwriters, composers and music publishers in 2024 — up 8.1% on the £943.6m that was paid out in 2023. PRS for Music is a member of UK Music, which acts as the collective voice of the UK music industry.
The report, which was praised this week by political leaders including Foreign Secretary Yvette Cooper MP — who said the music industry is ‘one of our greatest international success stories’ — also highlights the various challenges facing the sector. These include the slowing rate of economic growth in the industry, the impact of AI on creators, the lengthening artist development cycle, the ongoing threat to the grassroots ecosystem and the continued issues with touring in the EU due to the effects of Brexit.
UK Music Chief Executive Tom Kiehl said in a statement: ‘In recent years UK Music has reported that the music industry has enjoyed double-digit annual growth. That growth has now halved indicates a levelling off of the immediate post-pandemic boost that we experienced, as well as other underlying issues set out in this report.
‘This points to the need for urgent action. If problems are not addressed, then future growth cannot be guaranteed.
‘The Government has committed to a £30m Music Growth Package and it is vital that these much-needed funds are channelled to boost this cycle, as well as targeting other key issues.
‘But while it is brilliant news that the Government now acknowledges music as a high-growth sub-sector, ultimately the Government needs to be judged in terms of the progress it makes in regulating artificial intelligence and unlocking EU touring.
‘The status quo on these two big issues is currently tilted against music’s interests, with This Is Music 2025 revealing new survey data on both AI and EU touring evidencing why we need the balance to swing back in our favour.
‘This is a pivotal moment for the UK music industry, let’s come together to make sure we realise our full potential.’
