LondonNet News Headlines
|'Thriving' London Music Scene Breaks UKP1 Billion Barrier|
- CD sales and live pop events bring in the bucks/ classical gets the grants
LONDON'S music industry has brought in over one billion pounds a year to the UK economy according to research - evidence that the capital's music scene is thriving.
The Policy Studies Institute's Cultural Trends survey shows that the majority of the money is generated by consumer spending on CDs, minidisks and cassettes to the tune of UKP345 million.
But the capital's growing music scene is better reflected in ticket sales, which rake in UKP381million a year for artists and promoters. London has an impressive 600 recognised venues where regular gigs are held, from small pub venues to large concert halls. A further 1,000 are licensed for occasional public entertainment.
However, there is an imbalance between popular and classical music in terms of government funding. The annual public sector spend is UKP94 million, but almost all of this goes to classical music.
Author of the report Dave Laing said: "The music scene in London is thriving, but we could be doing better. From both a business and an audience development point of view, it seems clear that investment could be both fairer and more effective."