The UK Music Industry May Halve In Size Thanks To The Pandemic
And what might be its saving grace.
A new report has painted a gloomy image of the effects of the pandemic on the UK music industry. UK Music, an organisation that represents the main aspects of the commercial music industry, published its annual Music By Numbers report on Wednesday, predicting that the industry’s contribution to the economy will drop by an estimated £3bn ($3.9bn). With the cancellation of concerts and the closing of music venues for much of 2020, this fall in profits is unfortunately unsurprising.
Supporting almost 200,000 jobs per year, this drop spells trouble for the UK music scene. The report also states that the colossal impact of the virus has wiped out two thirds of musician’s income in 2020.
However, there is a beacon of hope: the streaming industry.
Spotify have reported a 30% rise in new paying members during the national lockdown. With no clear end in sight to this pandemic, this number may continue to grow.
And with the UK government injecting a £1.57bn ($2.08bn) culture recovery fund into the industry to cope with the loss in profits, all is not yet lost.
It seems that most of us have turned to the entertainment industry to keep our spirits up during the pandemic. Some have attended online concerts, some have rocked out in their bedrooms, and some are holding out hope for re-scheduled live shows. Here’s hoping that with extra funding, more streaming support, and continually innovative musicians, the UK music scene can be restored to its former glory.