The live music and events industry has seen huge growth due to a post-pandemic revival and big names in the music industry going on tour, with attendance for both concerts and festivals on the rise in 2024, nearly returning to pre-pandemic levels. The increase in attendance can be attributed to inflation, rising ticket prices, and ancillary spending during the cost-of-living crisis. While major artists enjoy significant success, smaller grassroots venues are still struggling. This raises concerns about the long-term sustainability of the sector as the concert and festival market faces a 'two-tier' challenge.
Many music fans traveling abroad also wish to experience the local grassroots music scene. This highlights a trend of 'authentic discovery' in contemporary travel. Positioning small venues as essential for experiencing local music is a crucial messaging element in festival advertising. Social media is also becoming increasingly important in supporting local music scenes. Platforms can develop a localized approach to promote live events and assist struggling grassroots venues.
The market for concerts and festivals is witnessing contradictory behaviors; over half of UK fans have reduced the number of events they attend due to rising ticket prices. They are looking for flexible payment plans, and the trend toward dynamic pricing models is inflating prices on resale sites. Regulatory changes are anticipated to address issues in the secondary ticketing market. Innovative technology, such as live streaming and avatar concerts, is introducing new revenue streams and reinforcing consumer demand for genuine experiences. The success of avatar gigs follows trends like ABBA Voyage and highlights the demand for immersive experiences. As the live music market evolves, community building within concert-goers becomes increasingly vital, with shared experiences fostering connections across generations. Events not only cater to nostalgia but also offer community support, blurring lines between artists and fans through social media engagement.