Electronic music generated £2.5 billion for the UK economy in 2023
The biggest contribution to this overall figure was nightclubs, providing a staggering £1.4 billion.
Image: Ian Forsyth / Getty Images
Electronic music made £2.5 billion for the UK economy last year, according to a new report about the measurable impact of electronic music.
The report was commissioned by the Night Times Industries Association as part of the Electronic Beats, Economic Treats 2024 study, which looks at recorded music, music publishing as well as the live scene encompassing club nights, concerts and festivals.
The NTIA revealed that while electronic music generated £2.5 billion for the UK economy, it is down by 6% compared to the previous year, driven by the number of nightclubs shutting around the country, from 882 in 2022 to 875 in 2023.
Regardless, the biggest contribution to this overall figure was nightclubs, providing a staggering £1.4 billion. Despite this, there does seem an overall decline in those attending nightclubs, with 9% lower footfall, and a total spending decrease of 14%.
This is followed by festivals, which provided £567 million to the UK economy, up by 9% from the previous year.
“[This report] sheds light on the challenges faced by the industry, providing insights for future growth,” said Maria May, Head of Electronic Music at Creative Artists Agency (CAA).
“In order to continue to grow we need to support each other and the culture of dance music. Together, let us propel electronic music to new heights in the UK and beyond.”
The report has also revealed that 80% of people experience emotional and mental health benefits at electronic music events.
Read the full report from NTIA.
