Revenue / 07.21.21
U.K. Live Music Industry Expected to Return to Pre-Pandemic Revenues by 2025
NME.com (07/13/21) Moore, Sam
The U.K.'s live music industry is expected to return to pre-pandemic revenues by 2025, according to PwC. The British government recently decided to move forward on lifting most coronavirus restrictions on live music on July 19, although restrictions on live events will remain in effect in Scotland, Wales and Northern Ireland for the time being. PwC predicts that live music revenue in Britain will grow at an annual rate of 17% over the next four years. After plummeting to £225 million in 2020, revenue is expected to total £846 million by the end of 2021. U.K. live music revenue is expected to reach £1.56 billion by 2025, compared to £1.58 billion earned in 2019. "Sectors such as live music have struggled to go virtual, as it's so difficult to replicate the in-person experience online," noted PwC's UK head of Entertainment and Media Mark Maitland. "So there's pent-up demand in those sectors ready to be released as lockdown ends."
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Tags: News , COVID-19 , Coronavirus , Revenue