The music organisation, which collects royalties for songwriters, has shared its latest financial report.
In spite of live music returning in 2021, PRS for Music’s findings highlight that the sector in the UK continues to be adversely affected as a result of the pandemic. Revenue from live shows was eight million last year, almost a 30 percent decrease from the £11.3 million generated by the sector in 2020 and down from £5.4 million in 2019. The figures demonstrate the continued hit that the live music industry has taken over the past two years.
Even though the report shows a significant decline in live music in the UK, CEO of PRS for Music Andrea Martin emphasised a “renewed optimism” in the sector. “It’s a huge decrease,” she said, “but we will see a bounce back this year.”