Taylor Swift’s Eras tour among the big events driving spending, as British artists perform well overseas and job numbers rise
The music industry contributed a record total of £8bn to the UK economy in 2024, powered in part by Taylor Swift’s Eras tour and Take That’s stadium run.
According to figures in the annual report from UK Music, the umbrella organisation encompassing a range of bodies including the BPI and PRS for Music, the figure is a 5% rise from the £7.6bn contributed to UK GDP in 2023. As well as tours generating revenue through ticket sales, tourism and more, the £8bn figure also factors in revenue from recorded music, whether via sales, streaming, commercial deals and other sources.
British artists such as Charli xcx – whose “Brat summer” was arguably the biggest pop cultural event of 2024 – thrived abroad, helping music exports to a new high: another 5% rise, to £4.8bn. This year is likely to keep the trend kicking upwards, thanks in part to blockbuster stadium tours by Oasis, Coldplay and Dua Lipa.
Foreign secretary Yvette Cooper heralded music as “one of the most powerful expressions of our soft power in action” and said she was “deeply grateful for the role that the UK music industry plays in promoting British culture around the world”.
