Live music will continue its more than decade-long boom through 2023, though a streaming-reinvigorated recorded sector is nipping at its heels, finds PwC's Outlook 2019
The value of ticket sales for live music events will exceed US$25 billion for the first time in 2023 – with total industry revenues set to reach a record $31.5m the same year, reveal the latest PricewaterhouseCoopers (PwC) figures.
The Global Entertainment & Media Outlook 2019–2023, the just-released 2019 update to the consulting firm's respected annual Outlook report, finds live music ticket sales will increase at a compound annual growth rate (CAGR) of 3.33% from 2018 to 2023, from $21.256bn (projected) in 2018 to $25.036bn in 2023.
Overall live music turnover (ticket sales + sponsorship), meanwhile, will grow 3.11% CAGR, reaching $31.493bn in four years' time:PwC live music revenues 2019–2023
Reflecting on another strong showing in 2018, PwC's commentary on the live sector reads: "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. Ed Sheeran was top earner, with a four-continent tour before an aggregate audience of close to 5m people and his 90-plus performances in more than 50 cities pulled in US$432m. Taylor Swift's 36-stop global trip amassed US$345m in tickets sales, while a combined Beyoncé and Jay-Z managed to rack up almost US$255m.
"As in previous years, veteran acts pulled in huge audiences too. Eagles had a 2018 gross of US$166m, while Roger Waters, U2 and the Rolling Stones all performed well. Bruce Springsteen, Guns N' Roses and Phil Collins also brought in large totals on their respective world tours."
PwC's analysts also highlighted success in the dance music sector, noting that "electronic dance music (EDM) events again drew large and lucrative crowds, and EDM DJs were paid accordingly. Calvin Harris was the best remunerated, with the artist earning around $50m, ahead of US duo The Chainsmokers ($45m) and Dutch DJ/producer Tiësto ($33m)."
Posted on: 26/09/2019Categories: News from IQ Magazine
