LONDON: Britain’s music industry contributed £8 billion (US$10.5 billion) to the UK economy in 2024, but the effects of Brexit and AI have clouded the sector’s outlook, an industry report showed Wednesday (Nov 12).
UK tours by Taylor Swift and Take That helped lift the industry’s contribution to the UK economy last year, according to the annual report from UK Music, an umbrella organisation for the industry.
Music exports were also boosted by the international success of artists such as Charli XCX and Lola Young.
However, annual growth was slower than the double-digit increases recorded in the immediate aftermath of the Covid pandemic, the report said.
UK Music’s chief executive Tom Kiehl warned that the industry faced a number of challenges, pointing to the “need for urgent action”.
He said that the UK government would be judged on the “progress it makes in regulating artificial intelligence and unlocking EU touring”.