Live bands help boost music industry sales
Falling sales in the music industry has been given a boost thanks to live bands playing at music festivals and other events.
According to the latest figures, falling revenue over the past five years may be turning around after a string of summer festivals such as Glastonbury.
Live bands in all music genres including soul bands have helped the overall UK sales rise by 4.7% to £3.9bn.
And according to figures released by the Adding Up the UK Music Industry for 2009 report, revenue at festivals such as Leeds, Reading and of course Glastonbury have continued to rise year-on-year and is up 9.4% to £1.54bn.
Although these figures are encouraging, there is also evidence to suggest that smaller music venues such as bars and clubs continue to struggle, with up to 49 pubs closing every week according to the Publican newspaper.
Will Page, chief economist at PRS for Music admits that although it is more difficult for live bands to compete with digital downloads, there is still a market out there.
Speaking to the Guardian he said: “The live party is not over, but it is starting to cool down.
“The good news is that the live sector is already innovating in ways that are as impressive as the digital sector.”
With the prospect of more cuts in the Government’s Department of Culture, Media and Sport over the next year, Mr Page is quick to say that the music industry will have a major part to play in the recovery due to its appeal in drawing in tourists from abroad.
This opinion is also shared by Feargal Sharkey, chief executive for UK Music who has pledged to fight any potential cuts in the sector.
Also speaking to the Guardian, he said: “We will do everything we can to ensure that these cuts have the minimum impact on the beautiful thing that is music.”
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