Music venue existing 'hand to mouth'

Directors Mark Collett and Kate Hodgkinson say their music venue "could tumble"

A community live music venue could "tumble at any minute" because of the spiralling cost of living, its co-founder has said.

Cobalt Studios in Ouseburn, Newcastle, which opened in 2018, is a community enterprise initiative which relies on occasional grants and fundraising to keep it open.

Co-founder Kate Hodgkinson said it was getting harder to sell live music tickets to "nurture" new talent.

She said the summer season from April to June had left the venue £13,200 out of pocket.

The venue charges an average of £8.30 per ticket and also relies on 1,400 volunteer hours to organise and publicise events.

Ms Hodgkinson said: "It is our dream for this space to make music accessible, inclusive and affordable, not elitist.

"But money is plummeting and the situation is fragile. People cannot afford the spiralling cost of drinks and food.

"We are living hand to mouth and could tumble at any moment."

About 125 UK venues stopped live music events in 2023, according to the Music Venues Trust

The Music Venues Trust (MVT) said financial stresses led 125 UK venues to abandon live music in 2023, with over half of these shutting entirely.

Soaring utility bills and an average 37.5% rent hike put the surviving 835 venues, which typically secured profits of just 0.5%, at risk, MVT said.

It was the sector's "most challenging year" of the past decade, it added.

Ben Reid cycled on a child's bike between Manchester and Newcastle to raise money for the venue

Ben Reid, 21, from Croft near Warrington has just graduated from Newcastle University and spent many happy hours at the venue.

He took five days to ride more than 140 miles from Manchester to Newcastle on a child’s bike, complete with stabilizers, raising £2,560 to help keep Cobalt afloat.

He said: “For the last three years Cobalt has meant a lot to me - it's magic.

"I want people who come to uni here in the future to be able to have a chance to experience the same things that I have.

"When I got wind of how delicate the finances were I wanted to help.

"This place has got too much to offer culturally for it to be lost."