The panel, which followed the release of UK Music’s annual This is Music 2024 report, considered the current state of the UK music industry, with moderator Mark Gordon (Score Draw Music) encouraging each panellist to conduct a SWOT analysis of the current state of the sector.
In This is Music 2024, UK Music revealed record economic figures last year, with the music industry in 2023 growing by 13% and now valued at £7.6 billion, exports increasing by 15% to £4.6 billion and employment increasing by 3% to 216,000.
However, this positive performance is tempered by a number of challenges that the sector faces that, if not addressed, could halt the potential for further growth.
A SWOT analysis is a strategic planning tool that helps identify an organisation or project’s strengths, weaknesses, opportunities, and threats. The acronym SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
Alongside highlighting the recent findings of This is Music 2024, when addressing the industry’s strengths Tom highlighted the sectors post-pandemic resilience. Despite much devastation at the beginning of the decade due to COVID, UK Music’s report reveals the industry is now ideally placed to contribute to the UK government’s growth agenda, which seeks to achieve the strongest sustained growth across the G7.
Tom did caveat these remarks, however, by saying there is no room for complacency and that in an increasingly competitive international environment, with governments in South Korea, Canada and Australia investing in their sectors, we need more direct support to confront the problems that we face.
[Caption from left to right: Tom Kiehl addressing the Un-Convention audience with LIVE CEO Jon Collins]
Tackling the industry’s weaknesses, Tom contrasted the UK government’s relationship with music, with that of an equivalent sector, such as the screen industries. Film, television and animation benefit from direct government intervention like tax credits, as well as enjoy the support of arms length bodies in the form of the BFI.
Tom highlighted the transformative impact that this government support has had on what may have otherwise been considered a failing film industry 20 years ago. Tom did warn, however, that greater government intervention could mean music becoming more regulated, which not benefit all parts of the sector.
Addressing opportunities, Tom highlighted the potential of a new government, but also the importance of sector bodies remaining coherent. Tom indicated that on many policy issues the UK music industry had achieved common positions, and that unlocking the political potential of initiatives, like a new Industrial Strategy, hinged on the sector remaining united.
Finally, addressing threats, and supporting comments made by other panellists about the precarious nature of the industry’s grassroots, Tom highlighted the challenges presented by unregulated Artificial Intelligence (AI).
Asked by moderator Mark Gordon to explain his thoughts on the topic as a snappy limited character tweet, Tom responded “Assistive AI=Good, Generative AI=?”. Tom explained further that AI can greatly assist the creative process, as well support efficiencies in business operations.
However, as it stands the act of Large Language Models trained on existing copyright protected works without permission, generating entirely new music is a matter of huge concern. Tom stated that it goes against the fundamental principles of creator consent, giving credit and compensating artists for the use of their work.
Tom was joined on the panel by Jon Collins (LIVE), Bev Whitrick (Music Venue Trust) and Silvia Montello (Voicebox Consulting).
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