Revenues from live music have overtaken that made by recorded music for the first time in the history of the British music industry, in news that will shock anyone who has ever spent an entire Sunday afternoon illegally downloading albums.
Will Page, the chief economist of the Performing Rights Society, was speaking to BBC 6 Music when he announced the news. 'We have all the data on live music at the PRS because we license all live performances around the country, so we're able to put a number on how much live music is worth,' he said. 'By scaling up, factoring in VAT, adding the booking fee, we came to a number of £904m. So then it came to looking at how much the recorded music industry is worth, and in 2008 it came in at £896m.
'The changing of the guard has already taken place for the first time in the history of the British music industry.'
Meanwhile, booking agents all around the country start smoking big Cuban cigars and ask 'recession, what recession?'