UK Music's research, Destination: Music, found that large-scale live music events attracted 7.7m attendees of domestic and overseas music tourists in 2009, and that collectively they spent £1.4bn during the course of their trip.
Live music events was also said to result in 19,700 full-time jobs in the UK.
"I am hugely excited by the findings of this research," said UK Music chief executive Feargal Sharkey.
"Its message is crystal clear music provides a huge boost to UK tourism, it drives growth, it sustains thousands of jobs across all regions and it enhances our lives. I am optimistic that policy-makers will view this data and acknowledge there is even more we could achieve, especially when it comes to attracting overseas visitors. The rest of the world clearly recognises the importance of music to the UK. It is time we did similar."
Bournemouth University's International Centre for Tourism carried out the research that concentrated on live music events with capacities of over 5,000.
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