<\/strong>with total UK music industry employment in 2024 growing from 216,000 to 220,000.<\/p>\nAlthough Foreign Secretary Yvette Cooper MP has said the music industry is \u201cone of our greatest international success stories\u201d following the report, it did also highlight many potential threats to the landscape of the business.<\/p>\n
While revenues are at a new high, the report did note that the rate of growth has shrunken compared to recent years, which it puts down to \u201ca weaker touring schedule and a lack of big selling releases by British artists in 2024 also contributed to the slowdown.\u201d<\/p>\n
90 per cent of participants in a survey of music creators for the report agreed that measures \u201cshould be in place to stop their work being used without permission or payment\u201d by artificial intelligence.<\/p>\n
It was also noted that \u201cit is taking longer for artists to reach a breakthrough moment\u201d, which it says is an international issue rather than exclusive to the UK market.<\/p>\n
Other causes for concern picked up in the report include the closure of grassroots venues across the country, and the detrimental impact of Brexit in regards to artists being able to tour Europe.<\/p>\n
UK Music Chief Executive Tom Kiehl said of the findings: \u201cIn recent years UK Music has reported that the music industry has enjoyed double-digit annual growth. That growth has now halved indicates a levelling off of the immediate post-pandemic boost that we experienced, as well as other underlying issues set out in this report.\u201d<\/p>\n
Kiehl also stressed, \u201cThis points to the need for urgent action. If problems are not addressed then future growth cannot be guaranteed.\u201d<\/p>\n
He then praised the Government\u2019s \u00a330 million Music Growth Package, saying it is \u201cvital that these much-needed funds are channelled to boost this cycle, as well as targeting other key issues\u201d before naming \u201cartificial intelligence and unlocking EU touring\u201d as the two main areas that need to be tackled.<\/p>\n
Kiehl concluded, \u201cThis is a pivotal moment for the UK music industry, let\u2019s come together to make sure we realise our full potential.\u201d<\/p>\n
The report is available to view in full here<\/a>.<\/p>\n