New figures from PRS for Music economists show the 4.8% decline was a combination of a drop off in stadium gigs and arena shows coupled with the bad weather in the last quarter and continuing pressure on earnings.

This was offset by licensing income for record labels, publishers, artist and songwriters, which increased at home and abroad (PPL collections were up 19%). Record company B2B revenue (up 7.2% to £218m) and publisher revenue (up 0.6% at £242m) also helped improve ...