Live performance is now a bigger money spinner than records in the UK, according to new figures.
Will Page, Chief Economist at music royalties agency PRS, says revenue from ticket sales, performance royalties and VAT has now overtaken that from recorded music.
Unveiling new calculations at trade event the International Live Music Conference on Saturday (March 14), Page announced a “changing of the guard” within the music business, according to MusicAlly.
He calculated that across all facets, the live industry was worth £904m in 2008. This overtakes recorded industry’s trade value of £896m, as published in the BPI‘s January newsletter.
Even though sponsorship was left out of the live figures and digital licensing was left out of the recorded music figures, the gap is expected to widen going forward.
At the same panel, promoter Stuart Galbraith of Killimanjiro Live pointed out that Michael Jackson has sold 800,000 concert tickets, all major festivals have sold out and Take That are looking at seven-figure ticket sales on their current campaign.