{"title": "Main Drivers Behind Live Music\u2019s Robust Growth", "report_sections": [{"header": "Overview", "content": "

Live music has experienced a significant rebound with industry revenues reaching approximately $33.1bn in 2023, up from $26.5bn in 2022, and growing by 25% year-on-year. This strong growth not only brings the market to 118% of 2019 levels but also highlights its resilience even in challenging economic environments.

", "media": [{"caption": "Exhibit 6: We forecast global paid streaming penetration to increase to 19% in 2030 from 12% in 2023 Streaming penetration by market (as % of Internet users), 2013-30E", "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/4.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/4.png", "s3_thumbnail_key": null, "type": "image", "id": 214800, "html": null, "carousel_h5": "Exhibit 6: We forecast global paid streaming penetration to increase to 19% in 2030 from 12% in 2023 Streaming penetration by market (as % of Internet users), 2013-30E", "alt": null}]}, {"header": "Rebound from Post-Covid Hiatus", "content": "

One of the primary drivers is the return of major artists to extensive touring schedules after prolonged hiatuses during the Covid period. High-demand tours featuring artists such as Taylor Swift and Beyonce have generated increased attendance and enabled promoters to exploit pricing power. These artists, who had been absent from large-scale touring, now drive a surge in venue capacity and elevate ticket prices due to the scarcity and excitement surrounding their performances.

", "media": [{"caption": null, "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/11.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/11.png", "s3_thumbnail_key": null, "type": "image", "id": 214806, "html": null, "carousel_h5": null, "alt": null}]}, {"header": "Robust Consumer Demand", "content": "

The growth of the live music sector is supported by strong consumer demand. Despite pressures like inflation and reduced discretionary spending in some areas, concert spending has remained resilient. The industry has benefited from a demographic shift, as Gen Z and Millennials show a continued appetite for experiences. This sustained interest in live events, combined with the unique appeal of concert experiences, helps counterbalance economic headwinds.

", "media": [{"caption": "Regional average ARPU in USD for 2014-2023", "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/6.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/6.png", "s3_thumbnail_key": null, "type": "image", "id": 214802, "html": null, "carousel_h5": "Regional average ARPU in USD for 2014-2023", "alt": null}, {"caption": "Monthly average time spent in minutes", "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/14.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/14.png", "s3_thumbnail_key": null, "type": "image", "id": 214809, "html": null, "carousel_h5": "Monthly average time spent in minutes", "alt": null}]}, {"header": "Supply Side Strengths and Globalization", "content": "

On the supply side, there is a clear trend driven by globalization and enhanced touring incentives. The proliferation of streaming has allowed artists from diverse geographic regions to build global fan bases, in turn encouraging more international tours. Furthermore, live entertainment companies have reported strong increases in tour bookings, particularly for larger formats like amphitheaters, arenas, and stadiums, as well as a gradual shift to mid-sized venues. These dynamics, paired with financial incentives\u2014in which top artists can derive up to 95% of their income from touring\u2014ensure a steady supply of high-demand live events.

", "media": [{"caption": "Paid streaming revenue growth and net additions", "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/42.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/42.png", "s3_thumbnail_key": null, "type": "image", "id": 214838, "html": null, "carousel_h5": "Paid streaming revenue growth and net additions", "alt": null}]}, {"header": "Infrastructure and Market Maturity", "content": "

Market maturity also plays an important role. As concert promoters and event organizers gain experience from recent high-demand cycles, efficiency in organizing events has improved. This includes the effective management of ticket pricing as well as optimized scheduling to fill large and small venues alike. The consistent increase in shows and effective capacity management, demonstrated by enhanced show counts in venues, underscores the sector\u2019s logistical readiness to meet heightened consumer expectations.

", "media": [{"caption": "Music-related revenue and market growth over years", "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/2.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/2.png", "s3_thumbnail_key": null, "type": "image", "id": 214796, "html": null, "carousel_h5": "Music-related revenue and market growth over years", "alt": null}, {"caption": "Growth of global music revenue (CAGR)", "url": "https://askpandipro.s3.eu-west-1.amazonaws.com/users/1/documents/488/figures/9.png", "source_url": null, "title": null, "s3_key": "users/1/documents/488/figures/9.png", "s3_thumbnail_key": null, "type": "image", "id": 214805, "html": null, "carousel_h5": "Growth of global music revenue (CAGR)", "alt": null}]}, {"header": "Conclusion", "content": "

In summary, the live music industry's robust growth is driven by a confluence of factors: the return of major touring events post-Covid, strong and resilient consumer demand particularly among younger demographics, the advantages brought by globalization that expand an artist\u2019s touring opportunities, and improved event management by live entertainment companies. Collectively, these drivers have transformed the live music sector into a dynamic and rapidly growing part of the broader music industry.

", "media": []}]}

What was the music industry’s 2023 CAGR forecast?

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