Some of the leading execs in music business have outlined how the drastic fall of the pound following the Brexit vote has affected the industry. It’s said the sterling crash has already started to make an impact on the industry. When you offer someone $2-3 million, it’s now a lot more money than it was six months ago. So when offering a group for the Isle of Wight Festival, you have to be very careful. Lots of people are now offering in pounds as opposed to dollars because the rate is so volatile.
Some have said It could cause problems that we don’t even know about yet. It’s a testing time for a lot of us. It’s not just UK festival organisers that are feeling the pinch. BPI and BRIT Awards chief exec outlined what the sterling crash means for UK musicians working abroad. The fall in the pound could make it more expensive for UK artist to tour overseas and push up promo costs. While the lower value of the pound should boost overseas earnings, the value of the overall UK market will be affected.
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