According to a new forecast by PwC in their ‘Global Entertainment & Media Outlook 2021–2025’ report, the UK’s live music sector is expected to return to its pre-coronavirus pandemic revenues by the year 2025.
In the report, they predict that live music revenue will grow at an annual rate of 17 percent over the next four years in the UK. Revenue fell to £225million in 2020 and is expected to reach £846million by the end of this year. Before the virus hit live music revenue was worth £1.58bn. By 2025, the UK’s live music revenue is forecast to be worth £1.56 billion almost as much as the aforementioned year.
This clearly showcases the massive effect that COVID has had on the music industry. Many artists rely quite heavily on the income they make from live music. The fact that it will take almost four years to reach the same revenue levels as a couple of years ago shows the full extent of the damage caused by the pandemic on the music industry. There has been much grievance towards the government for their handling of the arts and live music claiming that the government was “pushing live music off a cliff-edge”.
The UK head of Entertainment and Media at PwC, Mark Maitland stated that “UK consumers’ rapid migration to digital behaviours in the pandemic has now become embedded in their day-to-day lives, helping to sustain overall growth across Entertainment and Media for the coming five years. As companies race to meet consumers’ evolving needs with new products, services and experiences, the E&M industry will become more pervasive, more immersive and more diverse.
“Some sectors have found interesting ways to navigate the effects of the pandemic – notable examples include B2B events moving to online/virtual and now increasingly hybrid formats. However, sectors such as live music have struggled to go virtual, as it’s so difficult to replicate the in-person experience online. So there’s pent-up demand in those sectors ready to be released as lockdown ends.”
On Monday, July 19 live music is set to return to England without restrictions following the government’s decision to push on with their plans to lift the majority of coronavirus-enforced rules in the country. However, in Scotland, Wales and Northern Ireland live event restrictions are still set to continue.
Boris Johnson also urged nightclubs and large events to employ checks for ‘COVID passports’ when restrictions in England are lifted next week.
Photo Credit: Raymond Flotat
