Consumers are seeking out more experiences than material possessions which is benefitting the music festival and concert market.
Albany, NY -- (SBWIRE) -- 08/28/2017 -- Whilst restaurants and pubs continue to dominate spending in the leisure industry, a new research study added to the broad database of Market Research Hub (MRH) reveals that it is Music festival and concert sales that have been the eye-catching action over the past five years. The study is titled as "U.K. Music Concerts and Festivals - August 2017", which offers an essential overview of the music concerts and festival market in U.K. along with the analysis of the latest trends, market dynamics, consumer attitudes, and key innovations in the market. Additionally, the report provides the estimated market size for 2017 and forecast for the next five years. The U.K. market size Music Concerts and Festivals have been provided in terms of volume and revenue.
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Concerts and music festivals around the world have become a billion dollar industry. In U.K., Music concert visiting is growing slightly while festival visits are up. It has been analyzed that the concert tickets sales worth over 1 billion and festival ticket sales reach nearly 300 million. According to the findings, live music market sees healthy growth in 2017 and at this pace, revenue from live events continues to grow in the coming years. Sometimes these music events are organized for good causes, and even could do more in this, which attracts the consumers. Also, pre-event is catering a huge opportunity.
As per the consumer's perspective, there is an increased focus on music. Concert and festival-goers have indicated that there are still value-added products and services they would be prepared to pay an extra fee for, demonstrating that there is still further potential to increase average spend per head. In the U.K., technology is opening up new opportunities for the music and festival market. Technology is helping to increase spend while at events and cashless payment in the form of wristbands is likely to become fully available. Smartphone apps are commonly used but Wi-Fi is not reliable enough. Consumers are seeking out more experiences than material possessions which are benefitting the music festival and concert market. The next section of the research presents detailed market segmentation, which analyzes the share of ticket and ancillary spend. The sales market is projected to grow modestly and future outlook also estimated to remain as well.
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Moreover, companies and brands in the market are also highlighted. The study finds that Live Nation remains a leader in the year 2017. The launch activity and innovation are further analyzed which includes following, Rise in cashless technology, increasing VR technology, online royalty tool for overseas gigs, ticket chatbot, Warner Music to buy part of Songkick and Global increases festival group.
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