By creating a stage for musicians to perform, a pub or bar could see sales soar by an average of £107,000 per year, and 87% of them are looking to stage more live music next year, according to the inaugural Live Music Index.

The report, based on a nationwide survey of more than 1,000 artists and over 500 venues, found that if all venues with the potential to show live music did so, it could be worth up to £2.4 billion in revenue in the hospitality sector, and create an estimated £400m in extra earnings for UK musicians.

The Live Music Index was conducted by CGA/Nielsen IQ and commissioned by live music marketplace GigPig, in conjunction with the Night Time Industries Association (NTIA), Live music Industry Venues & Entertainment (LIVE), and Play Music Today (PMT).

LIVE CEO Jon Collins said, “The UK live music scene is truly world class with on and off stage talent combining to make us one of only two net exporters of music globally. Live music is an ecosystem with artists, venues and festivals of all sizes contributing to it creatively and economically. This research puts a spotlight on those seed venues that will be the first stop for so many artists seeking to build a career and others happy to indulge their love of music and performance on a part time basis. Crucially these figures highlight untapped demand and opportunity with the vast majority of seed venues keen to put on more live music. That’s great news for customers, artists and their own tills.”

NTIA CEO Michael Kill said, “Thousands of exceptional UK artists, including Oasis, Prodigy, and Ed Sheeran, began their artistic journeys by gracing the stages of local pubs and bars. We stand united with GigPig in their dedicated mission to convert every venue into a potential performance space, ensuring that each artist has the chance to refine their craft and garner support while introducing their unique musical expressions to the public.”