NTIA comment on the new report from LIVE which highlights that spending on the UK live music sector and associated businesses has hit a record £6.1bn.
“Surpassing £6bn in revenue for the first time is a significant achievement for the live music sector, demonstrating the immense economic impact and continued popularity of major concert performances like Taylor Swift’s tour and the upcoming Oasis reunion,” says Michael Kill, CEO of the Night Time Industries Association (NTIA).
“However, this success starkly contrasts with the severe challenges facing the independent events sector. Rising operational costs have led to the cancellation of 60 festivals this year alone, highlighting the precarious situation smaller festivals and events are in. While it’s encouraging to see large-scale concerts thriving, we must address the widening gap to ensure the entire live music ecosystem remains vibrant and diverse. The loss of independent festivals, events and venues is a critical issue that threatens the cultural fabric of our industry, and we must take action to support and sustain these vital contributors to our nightlife economy.”
