Concerts and live music performances give music fans a thrilling and exciting chance to watch their favorite artists perform on stage. The lights, stage, and the colossal sound system along with all-important atmosphere built by the crowd creates high enthusiasm and interest among music lovers to attend such events. Along with this, the passion and love for music have led to the formation of several musical bands organizing numerous live concerts across the world.
Live music events worldwide are witnessing an upsurge in the number of attendees, which is driving the growth of the global music market. It leads to high revenue generation by artists and event organizers, which supports the growth of the global live music market. Tomorrowland and Sunburn are some of the major concerts that attract millions of viewers from across the world.
The driving-force: Affordability, lower dependency, and convenience
The global live music market is expected to grow exponentially in the future owing to some of the influential driving factors. Firstly, with better economic conditions, the income levels of consumers have increased that has encouraged patrons to increase their spending on leisure activities.
Secondly, the increased ?communication between artists and fans through social media has eliminated the dependency on intermediaries. Lastly, the adoption of mobile devices and its applications has increased significantly as it has become extremely convenient for individuals to book tickets using?one their mobile devices and apps. These three factors are playing a very important role in the growth of the live music industry at the global level.
In focus: The bane of live music
The concert-goers find it monotonous to watch or listen to the same kind of entertainment show or event which shortens the life cycle of entertainment services. Artists on their part focus on continuously creating new scripts, songs, and music, so that they can keep their audience hooked up for a longer period of time.
With the growth in online platforms and applications, the threat of security is a major concern. The service providers in the industry track cookies to collect data related to customers’ preferences. They use this data to reach out and interact with their customers. The indiscriminate use of this data can infringe on customer privacy.
Another drawback is the high incidence of frauds in the sales of concert tickets., The authorities in several countries are taking stringent measures to protect fans from fraudulent activities.
In spite of modern technologies dominating the global music industry, live music market has a vast scope of growth.? However, the constant changes in the market entail a thorough study before entering the business.
Technavio market insights enable players in the global live music market to get up-to-date facts on the new trends in the industry, major driving factors and other important aspects which will give them edge over the competitors.