The concert and event promotion industry is a $22.9 billion industry and over the period of next four years, industry revenue is projected to climb at an average annual rate of 3.0% to $26.5 billion with thousands of new event presenters entering the market wanting a piece of the pie.
But where might the greatest opportunities lie for new event presenters. Let’s take a brief look at some of the key segments:
Live music concerts make most of the industry revenue: an estimated 58.1%. Events in this category include live music performances at clubs, music theaters, arenas and amphitheaters, as well as local and regional music festivals. Events can array in size from an audience of fewer than 500 people to more than 100,000. As a part of industry revenue, live music concerts segment has experienced slight increases during the five years to 2012. The number and acceptance of club- and theater-level concerts has grown in line with consumers’ increasing use of the internet as a tool for music discovery.
Non-franchise sporting events, such as boxing matches and rodeos, are projected to collect about 14.6% of industry revenue in 2012. Sporting events incline to be less price sensitive than arts-related events. This nature is partly due to the partisanship surrounding sports teams. Moreover, sporting teams can perform using the same equipment at every show (e.g. an ice hockey rink or basketball court), which also lowers the cost of staging a performance.
Theatrical performances, such as plays, musicals and operas, account for an estimated 15.6% of industry revenue. Demand for this segment has declined slightly over the past five years due to declines in gifts, donations and grants supporting performing arts. Other events include state fairs, agricultural fairs, pageants and all other festivals and events that are not related to sports or performing arts.
We hope you have enjoyed reading the blog and find the details informative and useful. Stay tuned with Yapsody for more event industry related news and statistics. The more you will know about the event industry, the more you will get success with your event.
Please feel free to contribute your thoughts and share your comments.