UK live music revenue will grow at a compound annual growth rate of 17% over the next four years, according to a report by international professional services firm PricewaterhouseCoopers (PwC).
The predictions are published in the latest edition of PwC’s Global Entertainment and Media Outlook report which covers 2021-2025. It forecasts live music revenue will grow to £846m this year, after falling to £225m in 2020.
The report suggests UK live music revenue will reach £1.56bn by 2025, almost as much as it was worth pre-pandemic in 2019 – £1.58bn.
Overall, the report predicts that the UK’s entertainment and media sector will grow 9% this year, following a 5% loss of revenue last year. It said the UK entertainment and media industry will return to growth and be the biggest market in Western Europe by 2025.
PwC UK head of Entertainment and Media Mark Maitland said, “Some sectors have found interesting ways to navigate the effects of the pandemic – notable examples include B2B events moving to online and now increasingly hybrid formats. However, sectors such as live music have struggled to go virtual, as it’s so difficult to replicate the in-person experience online. So there’s pent-up demand in those sectors ready to be released as lockdown ends.”