The British music industry’s contribution to the nation’s economy has been quantified at an impressive £6.7 billion in 2022, with exports at £4 billion and employment figures reaching 210,000. Among these numbers, the independent music sector, encompassing stores, artists, and venues, plays a pivotal role.
Lawrence Montgomery, the UK Managing Director of Rough Trade, cites independent venues and stores such as Rough Trade as being a key example of growth, underpinned by a 34 per cent surge in vinyl sales and a market share of indie record shops climbing to 28 per cent.
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The increase in footfall and online retail traffic has allowed label-store-venue hybrids such as Rough Trade to expand. Whilst opening more stores, they’ve also hosted successful album launch events for artists like Lewis Capaldi and Jorja Smith, substantially driving up album sales.
The news underlines the clear demand from fans for physical records and a more intimate relationship with their favourite artists.
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But it’s not all rosy, the success story is marred by financial pressures, particularly at the grassroots level. Nearly one in five independent music venues in the UK have closed in the past year, with many more at risk. This decline could severely impact the exposure and development of new talent, ultimately affecting the independent music industry’s future contributions to the economy.
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To counter these challenges, Rough Trade actively supports emerging talent through events like ‘Rough Trade Recommends’ and editorial features on their website, providing a platform for artists like Goat Girl, Shame, and Pip Blom.
Despite the efforts of industry leaders, Montgomery stresses the need for more external support. With the independent music industry valued at over $26.2 billion globally, the recent £5 million government investment, while welcome, is deemed insufficient to support all independent venues. Hence, there’s a call for increased funding and advocacy to sustain and grow this vital sector of the UK economy.
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