A new joint report by the Night Time Industries Association (NTIA) and the Association for Electronic Music (AFEM) claims that the UK government vastly underestimates the value of nightlife as an economic factor.
The report findings show that the nighttime economy brings in a staggering £36.4 billion yearly, or 1.6% of the total GDP. The sector accounts for 425,000 jobs across the UK, and it says that its contribution to the country’s economy “far exceeds” the revenue it generates.
Aside from the obvious economic value it brings, the report also explains that electronic music and the club scene have plenty to offer to the UK’s culture.
CEO of AFEM, Silvia Montello, says: “Those of us who live and breathe dance music have always known the incredible community value that club and rave culture has brought to our lives and global audiences.
“It is great to see the collection of academic evidence of these benefits outlined clearly in a report, which can contribute towards a broader understanding of the importance of our music and scene to millions of people, alongside the clearly defined commercial and economic benefits,” she adds.
Also speaking on the report findings, the NTIA’s CEO, Michael Kill, says: “Dance music and clubs drive culture to the heart of communities – from the lone teenager listening to beats on a laptop in a bedroom, to groups of kids on an estate spitting lyrics and bars over an electro beat from the 1980s on a mobile phone, to the soul, jazz and funk instrumentals that underpin modern productions.
“Electronic dance music has inspired millions of people, and given them the hunger to dig deeper into music heritage to find new sounds, a rhythm to listen to, create and produce,
“Aided by this report, wider society will grow to recognise electronic music and club culture as one of the most important economic and cultural movements of the future,” he concludes.
With soaring inflation costs having a crippling effect on the nightlife sector, recent reports suggest that one-in-three clubs are said to be at risk of closure by the end of the year.
With an obviously beneficial sector staring the UK government right in the face, many hope they will soon wisen up to the pros of supporting one of the most vital and understated parts of our culture.