According to a new forecast, the UK live music sector will return to the same revenue as before the coronavirus pandemic in 2025. (Via: NME.com)
Live music will return unrestricted to England on Monday, July 19, following the British government’s decision to go ahead with the lifting of most of the rules applied by the coronavirus in the country. However, in Scotland, Wales and Northern Ireland there will continue to be restrictions on live events.
A new forecast from PwC in its “Global Entertainment & Media Outlook 2021-2025” report predicts that UK live music revenue will only be able to return to pre-pandemic levels in 2025.
Live music revenue will grow at an annual rate of 17% over the next four years in the UK, according to the report. After falling to 225 million pounds in 2020, revenue is expected to reach 846 million pounds by the end of this year.
By 2025, UK live music revenue is forecast to be worth £ 1.56bn, about the same as £ 1.58bn in 2019.