Revenues fell to £3.8bn, a drop of 4.8% from 2010 as consumers held back on music spending. Even live music, which has been regarded as propping up the industry, saw revenues fall for the first time in a decade: box office takings fell 6.8% to £1.48bn. According to the report by PRS For Music, which collects royalties for songwriters, that’s because group managers avoided big venues they weren’t sure they could fill.
But the organisation is feeling confident this year’s revenues will bounce back, thanks to big-name acts like Rihanna, Westlife, Justin Bieber and Take That, who are all launching tours. Perhaps all the industry needs is a little Patience.