The House of Commons committee’s report said adding a levy to arena and stadium gig tickets would help the industry immediately.
The MPs emphasised that although costs would be added to tickets, the levy itself should be covered by arena and stadium owners and not fans.
If those in the industry do not reach an agreement for a subsidy by September, the government should intervene to make it a legal requirement, the committee added.
VAT relief should also be brought in on a temporary basis, with the cut based on venue capacity.
David Martin of the Featured Artists Coalition and Annabella Coldrick of the Music Managers Forum said also welcomed the report.
“Most important is their recognition of the ‘cost of touring crisis’, and that the benefits of a ticket levy must flow down to artists, managers, and independent promoters – as well as to grassroots music venues,” they said.
“The entire ecosystem needs support. While we still believe this mechanism should be mandatory, the clock is now ticking to get a process in place before September 2024.”
John Drury, chair of the National Arenas Association, said: “We are reviewing the report and discussing with members next week.”