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Blur, Bruce Springsteen (or The Boss to fans) and Billy Joel were among the headline acts hitting the capital.
The Music Venues Trust (MVT) charity and the London mayor's office estimated the live events would have generated around £320m.
The spending the events generated - along with ticket sales - contributed to the estimate.
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Blur, Mötley Crüe and Def Leppard played to more than 80,000 people a night at Wembley Stadium, Rolling Stone said.
Around 60,000 people caught Springsteen's and Joel's Hyde Park sets as part of the British Summer Time festival, while The Weeknd sold out the London Stadium with 50,000 people a night, the magazine added.
Variety put the figure at the east London venue at closer to 80,00 per night.
London mayor Sadiq Khan said in a tweet it proved London's live music scene was "the best in the world".
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"From Beyoncé dazzling fans, Harry Styles' sold-out shows to music legends Bruce Springsteen and Billy Joel taking London by storm, we're seeing a post-pandemic revival," he said.
"In last week alone, more than a million people enjoyed incredible live music in London, from the big-name performers to our vital grassroots venues.
"After a turbulent few years, one thing is clear: London's music scene is roaring back to life."
Mark Davyd, the MVT's chief executive and founder, called it a "fantastic reflection of the UK as a nation at the forefront of music".
However, he said more than 60 grassroots music venues had closed in the past 12 months and stressed the importance of ensuring people celebrated not only "the artists we have already created but the ones who will headline major events in the future".
"MVT repeats our call that every ticket sold at a major event should be financially contributing to the talent pipeline," he said.
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"If football can do this through its amazing grassroots initiatives, so can the live music industry."
MVT's purpose is to "protect, secure and improve UK grassroots music venues for the benefit of venues, communities and upcoming artists", its website said.