Gigs galore: London pubs and bars anticipate £2.4bn live music surge in 2024
London’s lacklustre nightlife scene could light up next year as a gig renaissance is brewing in the capital.
There is £2.4bn in untapped revenue for pubs and bars in the UK as nearly 90 per cent of venues plan to expand their live music offerings in 2024, according to the Live Music Index, jointly compiled by Nielsen IQ and GigPig, an online UK music marketplace.
Chief executive at GigPig, Michael Forster, said: “It’s what many of us who’ve dedicated our lives to gigging have known, but it’s now clear that the hospitality sector is the cultural and economic lifeblood of the UK’s music scene.”
The survey of over 1,000 artists and 500 venues nationwide found nearly three-quarters of venues host weekly live events.
This results in a 33 per cent sales boost, a 36 per cent increase in footfall, and a 64 per cent rise in average spending per visit.
The host of BBC Radio One’s Sunday night R&B Soul show, Victoria Jane, also gigs at festivals and events across the UK. She said: “I’m not surprised to find out how much growth potential there is and what artists could earn.
“There is a huge opportunity for growth and there will always be the demand for live music in hospitality venues. The emerging and full-time gigging artists gain invaluable experience and without the ‘seed’ industry they wouldn’t get the chance to thrive.”
Hosting live music could elevate annual sales by an average of £107,000 for individual pubs and bars while gig musicians earn £25,000 on average per year.