LONDON (CelebrityAccess) — The UK music industry is on track to shed 50% of its size amid the ongoing and extended shutdown of concerts, festivals, and other live entertainment amid the coronavirus pandemic.
The dire warning, which comes as part of a report by UK Music, an advocacy organization for the commercial music industry, projects that the sector will decline from £5.8bn in 2019 to about £300 million for 2020.
“2019 was a fantastic year for the UK music industry, and we were firmly on track to be one of the great British success stories of the coming decade,” UK Music Chief Executive Jamie Njoku-Goodwin said. “Music By Numbers 2020 shows just how successful our industry was before the catastrophic blow of Covid-19 knocked it down, and how important it is that we get it back on its feet.”
“When the time comes to recover from this pandemic, our world-leading music industry can be a key part of our country’s post-Covid economic and cultural revival – but we need the right support to get us there,” Njoku-Goodwin added.
According to UK Music, the hardest-hit sector has been live music, which includes the UK’s previously booming festival industry. In 2019, the live music sector grew by almost 20% to a record £1.3bn but is expected to account for just £300m in 2020.
“In aggregate over 65% of music creators’ income will be lost as a direct consequence of Covid-19 and this could extend to over 80% for those most reliant on live performance,” the report said.