Published on : Jan 15, 2018
Albany, New York, January 15, 2018: Concerts and festivals around the world have become a billion dollar industry. Attending a music festival has become almost a ritual of passage for the millennial group. There are now more than 800 music festivals in the U.S. alone. With a prime focus on U.S. market scenario of music concerts and festivals, a study titled “Music Concerts and Festivals - US - December 2017” has been publicized to the wide repository of Market Research Hub (MRH), which focuses on prevailing trends, hot issues, consumer attraction, success strategies and future growth opportunities in US. The report also provides comprehensive analysis and also forecasts UK music concerts and festivals market performance in 2017.
Key Findings from the Report
As per the findings, the concert and music festival industry continues on its upward trajectory, as the number of tickets sold grows, ticket prices increase, and events repeatedly sell out in U.S. Fans come for the music and the unique experience, and sponsors as well as advertisers love that they have a really captive audience. The report also finds that North American concert tickets continue to gain YOY (year on year) growth. Over one million more tickets have been sold on the North American continent than during the first half of 2015.
The success of the live music industry will likely endure as young adults, a core audience, grow their income and the economy remains strong. It has been analyzed that concert/music festival goers are one and the same. Nearly half of adults attended a concert in the last year and one in five adults attended a music festival in the last year. As per the U.S. consumer scenario, Young adults are eager to attend more and more concerts and festivals. Direct ticket purchases and personal information sources are preferred. Experiences are observed with physical items and social posts. However, as artists play in bigger venues with more expensive tickets and issues persist with the ticket purchase process, potential or recent attendees may be deterred to attend more live music events in the future.
Further, the report also offers information on music concert and festival attendee segmentation, which are fragmented as hardcore fans, informed concerters and social budgeters, disengaged procrastinators and disinterested affluents. Ticket resale most common among Hardcore Fans, finds the study. Some of the major highlights regarding this include that increased attendance will center on feasible prices and economic state Alerts and refund policies can boost trust. It is also a fact that price and availability may put a damper on future attendance.
For the benefit of the readers, the research also analyzes that what is the future plans available in the industry. According to the report, Virtual reality can augment and amplify the experience. Similarly, live streaming concerts and festivals through commercials are also being planned.
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