E MUSIC grew 14 per cent last year to push past the £1bn mark in its contribution to the UK economy.
Performances ranging from gigs in small bars to Glastonbury Festival helped push up the live sector’s impact, according to a study released by trade body UK Music today.
The UK music industry as a whole grew by six per cent, adding £4.4bn to the economy, with growth on the back of successful releases from the Rolling Stones, Adele and Coldplay.
But UK music chief Michael Dugher slammed tech firms for a “culture of denial” over streaming undermining artist earnings.
"The outlook for the music business is better than it has been in years," he said. “But we urgently need to address the ‘value gap’ on the new and exciting platforms that many people now use to listen to music.
"Unlike subscription services, those platforms often offer little adequate reward to the investors and creators of the music that drives so much of their traffic."
“There is still too often a culture of denial from the big tech firms. The way people listen to music may be changing, but certain fundamental responsibilities must continue. It’s time for the free ride to come to an end.”