The U.K. live music industry could suffer £900m ($1.1b) in losses—81% of its annual contribution to the economy—and lose thousands of jobs as a result of the coronavirus crisis, without urgent government action.
The warning comes from the UK Live Music Group, a collective of promoters, festivals, agents, venues and production services, which is part of umbrella trade body UK Music.
Research done by group predicts that the industry risks losing the majority of its £1.1b ($1.36b) annual contribution to the U.K. economy in Gross Value Added (GVA), and many of its 30,000 workers. More than 550 grassroots music venues (82% of the total) are said to be at immediate risk of closure, and recovery for the sector could take up to three or four years. In addition, a survey by the Association of Independent Festivals found that 92% of its members face collapse.
