Oasis Reunion Tour: How is the UK economy benefitting from music tours?

How is the UK economy benefitting from music tours?

Transcript

00:00So, music concerts like this, especially from high-profile artists like Taylor Swift, Oasis,

00:10they significantly boost the UK economy.

00:13So having said that, we mean that by the direct economic benefits from the ticket sales, merchandise

00:22and retail souvenirs of the venues, also additionally from the indirect spending, we have an increased

00:29revenue for local businesses such as hotels, accommodation and transportation services

00:36as funds travel to attend the concerts.

00:40So overall, we have a very positive impact on the economy and also the creation of jobs

00:49in the hospitality and retail sectors, as well as increased consumer spending.

00:55In 2023, spending on the UK live music sector and associated businesses hit a record high

01:01of £6.1bn.

01:03This came as musical acts like Elton John and Beyoncé toured.

01:07As a result, the music industry continues to drive a boost to the economy.

01:12So we can see that in the UK economy, especially the last few years, the music industry, entertainment

01:19has proven to be resilient, a significant contributor to the economic activity.

01:24So many reasons for this, but the most important is that people like to be part of a community.

01:30So it's nice to be part of a community, have this memorable experience shared with other

01:36people, these unique moments, and also have this interaction with the artists and be part

01:44of this with the other funds.

01:46Also we can see that creation of more jobs locally and all of these influx of visitors

01:51will create more consumer spending.

01:53Potentially we can see that those money are invested back into the economy, which is very good.