By KATE LORENZO, AP UKThe music industry has been the biggest beneficiary of the Brexit vote, according to a report.
But it’s also been hit by a sharp slowdown in revenue.
That’s according to the UK music industry’s biggest trade body, the Music, Arts and Entertainment Association (MESA), which reported Thursday that the industry lost $1.5 billion last year.
That comes in a report that paints a grim picture of the future of the industry.
The report from the Association of the Recording Industry of America (ARIA) also found that music services were suffering in the wake of the vote.
The record industry saw a drop of nearly 6 percent in revenue in 2016, while digital revenue fell 11 percent, the report said.
And while sales of physical music sales rose 6 percent, digital sales fell 8 percent.
“It’s been a tough year for the music business in Britain,” said Iain Dannatt, head of the IMA, adding that it’s hard to imagine how the music community can bounce back.
“This is a tough, hard Brexit.
It’s not going to be a cakewalk.”
But music industry executives say the industry will survive.
“We have to keep fighting, because if we don’t, we’re going to see the music sector shrink in size,” said Mark Robinson, president of the British music group MCA, which represents top artists including Bruno Mars, Coldplay and Katy Perry.