Between a post-pandemic revival and large names within the music trade occurring tour, similar to Taylor Swift’s Eras Tour, Beyoncé’s Renaissance Tour, and Harry Types’ Love On Tour, the stay music and occasions trade has seen large progress. Mintel’s information exhibits attendance for each concert events and festivals has been on the rise in 2024, practically returning to pre-pandemic ranges. This was, partially, on account of inflation, together with rising ticket costs and the price of ancillary spend through the cost-of-living disaster.
Whereas massive acts similar to these talked about above rejoice monumental successes, the place does that depart smaller, grassroots venues? To achieve perception into this and different questions surrounding concert events and festivals within the UK, discover additional with Mintel, as we will likely be trying on the post-pandemic restoration of the UK stay music market, how technological development is revolutionising the trade, and the way traits and client behaviours are altering.
The UK stay music market worth reached an estimated £3.3 billion in 2023, which marked the primary full post-pandemic yr for stay music occasions. This spectacular bounce again within the trade will be traced again to pent-up demand following years of restrictions and cancellations on this sector in addition to larger costs on account of inflation – which didn’t, nevertheless, deter gig goers from digging deep into their purses.
The Lengthy and Winding Street of the Competition and Dwell Music Market
Whereas massive occasions and venues thrive, smaller venues are nonetheless fighting the post-COVID influence, leading to ‘two-tier’ challenges within the live performance and music competition market. Sadly, the energy of the top-level market is in sharp distinction to a way more susceptible grassroots stay music sector that’s not thriving from renewed, post-pandemic curiosity. This rising ‘two-tier’ cut up poses a risk to the long-term sustainability of the sector.
Music competition advertising and marketing methods to assist grassroots venues
In addition to big-name worldwide artists, many music followers travelling overseas are interested by experiencing the native grassroots scene of their vacation spot. This feeds right into a key modern journey development of ‘genuine discovery’. Positioning small grassroots venues because the place to expertise the genuine, native music scene is a key messaging factor in music competition promoting. To profit from this, stay occasion discovery platforms might supply solutions based mostly on meant vacation areas.
Social media – which is changing into increasingly more vital within the stay music market, may also play a key position right here. Platforms can develop a hyperlocal ‘what’s on in my space’ strategy, serving to to assist the struggling grassroots native music scene.
Ticket gross sales rules are shifting and impacting the stay music market
Beneath the floor degree of progress, the live performance and music competition market is seeing extremely contradictory behaviour patterns. Over half of UK followers say they’ve decreased the variety of occasions they attend on account of rising ticket costs. To unfold out prices, they’re looking for versatile fee schemes, opening up alternatives for ticket sellers and venues to incorporate these of their gives.
In fact, inflation is one purpose for top ticket costs, however demand for large-scale ‘must-see’ occasions can also be driving a rising development in the direction of dynamic pricing fashions on ticketing websites, thus additional inflating costs for sold-out occasions on resale websites: Nearly 40% of UK attendees within the final 12 months paid considerably extra for a music live performance/competition ticket from a resale website.
In August 2021, the Competitors and Markets Authority (CMA) advisable a big tightening of rules on the UK’s rising stay occasions secondary ticketing sector. In March 2024, Sir Keir Starmer introduced that an incoming Labour Authorities would cap the resale worth of tickets, limit the variety of tickets particular person re-sellers might listing, and provides the CMA the powers it wanted to take swift motion in opposition to touts and platforms.
Modern Know-how and Attitudes Will Assist Breathe New Life into the Dwell Music Business
Know-how, similar to stay streaming, digital and augmented actuality, and AI-driven avatar concert events have already precipitated a ripple all through the stay music market, and can proceed to open up new income streams, whereas additionally reinforcing the buyer urge for food for the ‘actual factor’.
Futuristic ‘avatar gigs’ are revolutionising the stay music market
Within the wake of ABBA Voyage, a brand new wave of ‘avatar gigs’ is ready to increase the longevity of iconic acts not obtainable to see within the flesh. The AI and hologram applied sciences that make experiences like this attainable are starting to open up main new income streams for stay performances, and the success of ABBA Voyage is ready to be adopted by Elvis and Kiss. Immersive expertise specialist Layered Actuality is launching Elvis Evolution in Tokyo, Berlin, Las Vegas, and London in 2024.
Mintel’s analysis on UK music festivals and concert events exhibits that just about one in 4 live performance/competition goers are interested by attending digital avatar concert events.
UK Music Concert events and Festivals
ABBA Voyage’s two-year run, which has been prolonged to January 2025 has demonstrated the nostalgic attraction of this new kind, with these aged 50 to 60 stated to make up the most important demographic. It has additionally drawn in youthful followers, with one in 10 stated to be underneath 24. The ‘Throwback Pattern’ explores the highly effective attraction of nostalgia in fashionable tradition, even amongst these too younger to have skilled the unique – one thing that may be leveraged throughout industries, however lends itself particularly within the stay music market and music competition promoting.
Lengthy Dwell the Sense of Group Amongst Live performance and Competition Goers
“Lengthy stay all of the mountains we moved. I had the time of my life combating dragons with you” sings Taylor Swift in her track ‘Lengthy Dwell’, capturing the sense of neighborhood and togetherness which can be a key factor amongst many live performance and competition attendees, as they get to socialize with associates, household, and new folks. Whereas seeing a selected band or act is the highest purpose to attend concert events and festivals, practically half of future attendees in Germany prioritise different elements, such because the social side.
Within the UK, there’s a development of multi-generational household teams attending festivals, with mother and father introducing their youngsters to musical tradition. This displays the significance of shared experiences and bonding throughout generations.
Past household bonding experiences, occasions can foster a way of belonging and neighborhood assist. Quite a few ‘fan initiatives’ on The Eras Tour testify this. For instance, the making and buying and selling of friendship bracelets with each associates and strangers on the occasion, or the fan chants at particular elements all through the live performance, regarding the efficiency on stage. These and numerous different fan initiatives that began in a single location had been then shared through social media the place they achieved virality and obtained picked up in subsequent exhibits all around the world.
This additionally highlights the important thing position of social media in live performance and music competition branding: One third of UK social media customers search Fb to search out out about occasions, together with concert events and festivals. Customers additionally use social media as regards to the stay music market to observe occasions – as now we have seen, once more, with The Eras Tour that had quite a few followers who weren’t in a position to rating tickets observe the exhibits on-line through livestreams. Platforms similar to Instagram additionally present musicians with an area to attach with their followers by means of posts the place they’ll handle them instantly or by sharing behind-the-scenes and bonus content material.
Taylor Swift’s Instagram submit acknowledging the crowds in Cardiff. Supply:
On her Instagram web page, Taylor Swift has made it a behavior to thank and reward the crowds after wrapping up her concert events in each metropolis she performed in, alongside some candid photographs of her performances in that metropolis.
All of this goes to indicate that, whereas the musical efficiency is in fact the central half, there are points which can be nearly as vital for folks attending concert events and festivals. This presents alternatives for entrepreneurs to resonate by selling concert events and festivals as rounded, particular experiences that attendees will cherish for a very long time after the occasion.
Trying Forward with Mintel
Trying forward, the two-tier cut up within the stay music market will proceed to develop: On the one hand, there’s a cohort of ‘superfans’, keen to spend massive sums on their live performance/competition expertise, driving worth progress. However, smaller, grassroots venues will face continued challenges and closures as they wrestle to remain afloat.
Development in know-how will proceed to revolutionise the live performance and music competition market by means of stay streaming, digital/augmented actuality, and AI-driven avatar concert events, which is able to open up new income streams, whereas additionally reinforcing the buyer urge for food for the ‘actual factor’.
Go to the Mintel Retailer to browse all our market analysis on the leisure and leisure trade.
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