With London hosting one of the world's top music venues, it should come as no surprise that music tourism was given a staggering boost throughout 2014 with revenue of more than £3.1bn ($4.8bn).
In their study titled Wish You Were Here 2015, industry body UK Music has revealed that music tourism enjoyed a 34% increase in visitors between 2011 and 2014 with 9.5 million people travelling to music events in the UK.
According to the study, each visitor spent an average of £751 which went directly into UK businesses.
The impressive increase has meant that 38,238 jobs were maintained in 2014 as a result of music tourism.
Reacting to the news, Culture Secretary John Whittingdale said in a statement: "It's fantastic news that our music industry drew in 9.5 million tourists last year but it's no surprise.
"British music is legendary around the world and continues to go from strength to strength, with UK artists now accounting for one in seven albums sold worldwide."
UK Music chief executive Jo Dipple also commented: "The UK's rich music heritage and infrastructure has made the UK the go-to destination for live music globally and these statistics show how tourism is now a bedrock of British music and the wider economy.
"Music is putting the Great in Great Britain."
The UK enjoyed tours from some of the world's best known artists throughout 2014, including One Direction's Where We Are jaunt, which played three nights at Wembley Stadium and Beyonce's Mrs Carter Show Tour, which held a residency at London's O2 Arena for six appearances.
Other global musicians to bring their tours to the UK in 2014 included Taylor Swift, Katy Perry, Justin Timberlake, Miley Cyrus and Lady Gaga.