In South Korea, for instance, the emergence of K-pop as a global phenomenon has added a new string to the bow of an export-led economy better known for its manufacturing and technology prowess.Īccording to one admittedly optimistic estimate, K-pop is worth $10bn to the Korean economy, while in 2018, the Hyundai Research Institute (HRI) reported that K-pop band BTS alone accounted for an estimated $3.54bn. Photograph: Ahn Young-joon/APĪny impediment could be damaging, given that global competition is hotting up. “From the Beatles to Radiohead, there are stories of bands going off around Europe and coming back with a bigger fanbase and a more refined sound.” skip past newsletter promotionīTS are credited with helping to boost the export-led economy of South Korea. The other is the lack of post-Brexit agreement between the UK and EU on a “cultural waiver” to allow bands to tour freely, rather than being turned away at the border. One is the reversion from a pandemic-linked special VAT rate of 5%, similar to that charged across Europe, back to a standard 20%. “That includes the production, light and sound technicians, specialist haulage companies, a whole ecosystem that’s built up around the talent,” Collins says.īut he warns that the industry faces two main risks. The group will soon release a report estimating that live music’s “gross value added” – a different measure of economic contribution to that used by UK Music – was more than £5bn in 2022. ![]() Jon Collins, the chief executive of Live, the voice of the live music and entertainment industry, says revenue from gigs and festivals in Britain is thought to have returned to pre-pandemic levels. ![]() Employment in the industry reached 145,000 in 2021 but remains 26% below pre-pandemic levels.Ī UK Music report this year says Britain is one of a small number of countries that are net music exporters, along with the US and Sweden, and it sold £2.5bn overseas in 2021. Research from the National Arenas Association backs that up, suggesting for every 10,000 gig visitors £1m is injected into the local economy.Īt a national level, UK Music estimates the industry’s contribution to the British economy in 2021 was £4bn – up 26% on 2020 but still down 31% on the pre-Covid all-time high of £5.8bn in 2019. Ipswich council credited homecoming gigs by the Suffolk songsmith Ed Sheeran with a £9m injection into the town’s economy. Ipswich reportedly received a £9m injection from Ed Sheeran’s homecoming shows.
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