How post-lockdown rush again to gigs has breathed new life into Britain’s financial system: Pop superstars Taylor Swift, Beyonce and Coldplay assist drive document £6bn triumph for UK’s stay music scene

The UK’s stay music scene has by no means been in ruder well being, in accordance with a brand new report which places the financial worth of gigs at greater than £6billion for the primary time.

Trade physique Stay music Trade Venues & Leisure (Stay)’s annual report on the well being of the sector says a post-lockdown rush again to venues has pushed a 17 per cent year-on-year enhance to Britain.

It is also 35 per cent increased than what Brits spent on gigs and excursions earlier than the pandemic in 2019 – pushed by big acts reminiscent of Coldplay and Beyonce. 

Taylor Swift’s earth-shattering Eras Tour suggests 2024’s figures might be even increased – with the impression of the 34-year-old Fortnight singer so huge economists consider the reveals stopped the UK’s fee of inflation from dropping under two per cent.

Jon Collins, the CEO of Stay, stated 2023 delivered ‘vital development’ for the business, largely pushed by stadium reveals and big festivals – however has warned there are challenges for the grassroots venues the place many huge acts get their first break.

He has known as for a VAT minimize for gig tickets to assist smaller auditoriums and festivals carry within the punters they should survive.

Mr Collins stated: ‘We had a number of the greatest names in music promote out excursions and festivals throughout the UK, however we additionally noticed stress construct up throughout our business, resulting in grassroots music venues and festivals left with no selection however to shut down within the face of rising prices.

‘Reintroducing a decrease fee of VAT on tickets would carry the UK into line with worldwide rivals and could be pivotal in unlocking the financial potential of our business. 

‘With a decrease fee of VAT on tickets, we might see the sector develop additional, supporting extra jobs, producing extra funding, and placing on extra gigs, festivals and excursions for individuals to get pleasure from.’

Final 12 months noticed Coldplay full a UK stadium tour, whereas Beyonce’s Renaissance tour took in London, Cardiff and Edinburgh. Different bands on tour final 12 months included Arctic Monkeys, Purple Sizzling Chilli Peppers and Bruce Springsteen.

The report finds that central London delivered 28 per cent of the financial enhance alone – with Manchester in second, adopted by Glasgow, Birmingham, Edinburgh and Cardiff in that order.

And whereas spending on gigs has exploded eleven-fold since 2020, there are challenges for festivals, that are but to exceed post-pandemic ranges of spending.

Unsurprisingly, a lot of the spending is pushed by pop, which delivered 1 / 4 of the enhance to Britain’s coffers, intently trailed by rock, indie and digital music.

Stay says the business helps 230,000 jobs – greater than the capability of Glastonbury – although the variety of safe, everlasting roles has fallen 5 per cent.

And whereas Brits are flocking again to live shows in big numbers, a handful nonetheless have some post-Covid anxieties – and a 3rd of viewers members additionally suppose their fellow concert-goers have forgotten methods to behave after spending years in lockdown.

Steve Lamacq, the BBC Radio 6 Music DJ and chair of Stay, stated the enhance had come at a great time for stay music, which had been dealing with a post-Covid disaster.

‘Final 12 months, we noticed a lot of the stay music sector overcome adversity; confronted with a spike in prices on account of inflation, the cost-of-living disaster and labour shortages, followers had extra live shows and festivals than ever to get pleasure from,’ he stated.

‘Nonetheless, we can’t overlook that pressing motion is required to assist the numerous grassroots venues, artists, and festivals which continued to wrestle final 12 months.’ 

Projections for subsequent 12 months will already be optimistic, bolstered by Taylor Swift’s record-breaking Eras Tour – which performed eight dates at Wembley alone alongside reveals in Edinburgh, Liverpool and Cardiff.

Knowledge from Barclays earlier this 12 months steered Swifties had been set to spend £1billion on the reveals – a median of £848 every – between tickets, journey, accomodation, merchandise and their Swift-themed outfits.

Economists consider the 10-figure splurge was so substantial that it might have stopped the UK’s fee of inflation from dipping under two per cent.

Susannah Streeter, head of cash and markets at Hargreaves Lansdown, instructed MailOnline in August: ‘The Taylor Swift impact additionally seems to have a slight hand in these figures, as the principle downwards stress on inflation was a fall in lodge room prices from June, when she was on her UK tour.

‘Pop star Pink’s UK appearances additionally noticed spikes in costs in some cities in June.

‘It now appears extra unlikely that the surge-pricing impact will flip right into a recurrent inflationary stress, because it clearly depends upon the brightness of the celebrities.’

And Oasis is responding to unprecedented demand for his or her reunion reveals by including additional dates at Wembley – amid a livid row over the Uber-style dynamic pricing connected to the tickets that followers stated betrayed their working class roots.

Suppose tank CEBR predicts Oasis followers will ship a lift of just about half a billion kilos to the financial system.

However patrons had been left shocked by commonplace tickets greater than doubling from £148 to £355 on Ticketmaster resulting from demand.

The Tradition Secretary has pledged to look into using surge pricing in a forthcoming Authorities evaluate of the secondary gig gross sales market.