Christopher BarrettUK live music revenue will surpass the 2019 pre-pandemic peak this year and is set to grow by 7.4% per year until 2027, according to a report by international professional services firm PricewaterhouseCoopers (PwC).
PwC predicts the UK live music market will generate US$2.08bn (£1.63bn) this year, compared to $1.96bn (£1.54bn) in 2019 – with the 2023 total consisting of $536m (£420m) in live music sponsorship and $1.55bn (£1.2bn) in ticket sales.
PwC said it expects UK live music revenue to reach $2.5bn (£1.95bn) by 2027, up 27% on 2019, with $1.82bn (£1.43bn) in ticket sales and $671m (£527m) from sponsorship.
The predictions are published in the latest edition of the company’s Global Entertainment and Media Outlook report which covers 2023-2027, and in which it observes that “going out is in again”.
PwC said the UK live music market was worth $1.7bn (£1.33bn) last year, up from $1.0bn (£785m) in 2021, and is forecast to rise at a 7.4% CAGR (compound annual growth rate) to reach $2.5bn in 2027 “as live music continues to bounce back from the impact of the pandemic and the ‘experience economy’ continues to take hold.”