Live music sales are expected to soar even more in the future years.
According to a Global Entertainment & Media Outlook 2019-2023 report, live music sales will exceed $25 billion by 2023. The study, which was first reported by IQ Mag, shows that live music sales will increase with an annual growth rate of 3.33% each year. It credits artists like Ed Sheeran, whose world tour became the highest grossing tour of all time, as well as Taylor Swift for her U.S. tour which broke records for the highest grossing trek in the country last year. Additionally, legendary acts like The Eagles, Rolling Stones, U2, and Roger Walters contributed to the recent uptick in sales, as well as newer artists like Calvin Harris, The Chainsmokers, and Tiesto.
“The live music sector had another strong year, as leading artists toured the globe. The ten highest-grossing global tours in 2018 each had ticket sales that exceeded $100m,” the report reads, which has been verified by Billboard Boxscore.
Additionally, sponsorships will help drive revenue, pulling in around $6.5 billion in additional revenue. Over the next four years, the live music sector is expected to grow to an overall 31.5 billion. However, as the entertainment market becomes more and more competitive, businesses need to personalize consumer offerings in order to stay relevant.
Global entertainment and media leader at Pxc Netherlands Ennel Van Eeden explained that marketers need to look to influencers, live events, ads inside apps, and more to allocate their time and attention moving forward.