Live shows from acts including Coldplay, Elton John, Beyoncé and Ed Sheeran help drive revenues

The value of the UK music industry has hit a record £7.6bn after superstar acts including Elton John, Beyoncé, Coldplay and Ed Sheeran embarked on Covid-delayed tours to cash in on pent-up fan demand for live shows.

UK Music, the umbrella organisation representing the commercial music industry from artists and record labels to the live music sector, said that the economic value of the industry to the UK economy surged by almost £1bn in 2023.