Gigpig, the UK’s fastest-growing live music platform, has forecast a 233% increase in gig bookings for the year ahead, with the total value set to rise from £9 million in 2024 to over £30 million in 2025.
The technology company, which enables hospitality venues to book live music directly, has seen bookings by pubs and bars skyrocket by nearly 286% in the past year, reflecting a positive shift in the hospitality market as landlords tap into the value of live music to counter the economic turbulence significantly affecting the sector.
The company has forecast over 60,000 gig bookings for the year ahead, generating over £14.5m in artist fees and supporting venues in saving over £3m in unnecessary third party fees.
Artists and musicians using the platform have also increased by a fifth, to 12,000 in the last quarter.
Michael Forster, CEO of Gigpig, has attributed the growth to the wave of pubs and bars turning to live music to drive footfall and sales to combat downturns, as well as its new instant booking service.
He said: “We’re pleased to see these figures and it demonstrates that the sector is showing signs of resilience and determination in the face of hardship.
“In the quarter ahead, we are tracking a significant uplift, with hundreds of venues expected to partner with us, adding to the 10% increase already seen in Q1, despite the incredibly challenging market.
“We can see that savvy venues are turning to live music as a way to boost footfall and create memorable customer experiences. We know customer habits have changed significantly in the past three years, and it’s the venues which can create environments which simply cannot be felt at home or through social media, which are bucking the downturns and overcoming the significant financial challenges being thrown at them.”
The latest business results come as data has shown more than two thirds of customers (73%) stay longer when live music’s playing and 76% spend more on drinks and food, equating to an annual revenue increase of £90,000 for the average UK pub.
Founded in 2022, Gigpig has quickly become the UK’s largest music talent pool, facilitating over 50,000 gigs across more than 2,500 venues, including BrewDog, Albert Schloss, and the New World Trading Company.
Amid the growth and as part of its rapid scale-up, the company has also moved to strengthen its leadership team with the appointment of renowned technology entrepreneur, Paul Simmons as non-executive chair, and prominent investor Neil Inskip as non-executive director, and will be expanding its internal team with five new hires across sales, operations, customer service and finance in the new tax year.
