Music venues are closing at an alarming rate, threatening the UK’s live music scene.
The report highlights the challenges faced by the UK’s live music industry, which has been severely impacted by the COVID-19 pandemic and the subsequent economic downturn.
The State of the UK Live Music Industry
The UK live music industry has been facing significant challenges in recent years, with the COVID-19 pandemic and economic downturn exacerbating the problems. The Music Venue Trust’s Annual Report 2024 provides a comprehensive overview of the industry’s struggles, highlighting the devastating impact on grassroots music venues.
The Rise of Venue Closures
The event was held at the Music Industry Association of America (MIAA) headquarters in New York City.
The Music Industry’s Long-Running Problem: The MVT
The Music Video Treatment (MVT) has been a long-standing issue in the music industry, affecting artists, labels, and the overall music ecosystem. The MVT refers to the practice of music videos being treated as a marketing tool rather than an artistic expression. This phenomenon has been ongoing for decades, with the industry’s focus on promoting music videos as a means to boost album sales and increase visibility.
The Impact on Artists
The MVT has significant consequences for artists, who are often pressured to produce high-quality music videos that meet the industry’s standards. This can lead to a lack of creative freedom, as artists may feel compelled to conform to the industry’s expectations rather than pursuing their own unique vision.
The Financial Reality of Being an Artist
The financial reality of being an artist is often a topic of discussion among creatives. While some may have the luxury of pursuing their passion without worrying about the financial implications, many artists struggle to make ends meet. In fact, a staggering 70.6% of artists predominantly fund their careers through personal savings.
The Struggle is Real
The reality is that the art world is highly competitive, and the financial rewards for artists are often minimal. Many artists work multiple part-time jobs to supplement their income, while others rely on grants and residencies to support their creative endeavors. However, these sources of funding are often limited, and artists must be creative in finding ways to sustain themselves financially.
The Importance of Financial Planning
Financial planning is crucial for artists, as it allows them to manage their finances effectively and make informed decisions about their career. This includes setting realistic goals, creating a budget, and exploring alternative sources of funding.
