Calabasas, California, United States, November 7, 2023 – The global concert and live entertainment industry has undergone major upheaval in recent years due to the COVID-19 pandemic. As restrictions ease in many countries, the industry is ramping up again. What is the outlook for concert ticket sales in 2023 and beyond? Here, we explore the key trends and factors that will impact ticket sales globally over the next two years.
Global Concert Ticket Sales Trends
Before 2020, the global concert industry was experiencing steady growth, driven by high consumer demand and top-grossing tours from major artists. The pandemic brought concerts to a standstill, with 2020 seeing a devastating 90% decline in ticket sales. 2021 saw the beginnings of a comeback, but sales were still around 50% below pre-pandemic levels. In 2023, pent-up consumer demand for live events eased restrictions, and a packed touring calendar points to a resurgent year for ticket sales.
Key Factors Affecting Concert Ticket Sales
Several key factors will shape the outlook for global concert ticket sales in 2023 and 2024:
Economic Conditions
The state of the global economy impacts discretionary spending on entertainment. The lingering economic effects of the pandemic could constrain consumer budgets. However, continued job growth and savings may support ticket purchases.
Consumer Confidence
Consumers must feel safe attending crowded events, so COVID trends and health protocols will affect demand. Vaccines and treatments are building confidence.
Competition and Pricing
More artists back on tour increases competition for consumer dollars. Aggressive pricing and ticket bundles may impact sales.
Impact of Streaming and Digital Media
At-home entertainment options make live shows less of a necessity. But fans still crave in-person experiences.
Touring Schedules and Artist Popularity
Major tours from top-grossing artists like BTS, Bad Bunny, and Taylor Swift will drive sales. Unknowns remain around schedules and emerging acts.
Geographic Differences
The recovery looks different across various global live music markets.
North America
North America remains the top live music market globally. While still below pre-pandemic levels, sales rebounded significantly in 2021/2022 due to swift reopenings.
According to Chris Cabrera CDO at <a href=”https://www.barrystickets.com/” title=”Barry’s Ticket Service”>Barry’s Ticket Service</a> Based on current economic conditions, I believe the outlook for concert tickets and tours in 2024 is cautiously optimistic. While inflationary pressures and rising interest rates have impacted the live music industry in 2022-2023, I expect these macroeconomic headwinds to moderate over the next year. This should lead to stabilisation and potentially renewed growth in concert ticket sales and tour revenue.
Top artists like Bad Bunny, Taylor Swift, Rolling Stones, Olivia Rodrigo, and Rihanna continue to announce major tours for 2024, signalling ongoing confidence in the concert business.
Europe
Europe varies by country due to differences in restrictions. Markets like the UK have rebounded well, while others have been slower to recover fully.
Asia Pacific
Asia Pacific presents growth opportunities but faces unpredictable COVID-19 impacts, particularly in China.
Emerging Markets
Developing music markets like Latin America, Africa, and India were growing pre-pandemic. Infrastructure improvements may aid further growth.
Outlook and Forecast
Given the various factors, what is predicted for 2023 and beyond?
2023 Projections
Consensus forecasts call for global concert ticket sales to return to around 90-95% of pre-pandemic levels in 2023. North America and Europe should approach full recovery, while Asia Pacific lags.
2024 and Beyond
If COVID remains managed and the economy relatively stable, the live industry could fully rebound by 2024. Developing markets may fuel additional growth.
The outlook is positive overall, but the live music industry still faces challenges.
Opportunities and Challenges
Pent-up fan demand presents opportunities if leveraged well. But competition for consumer dollars is fierce.
Digital marketing and data analytics offer means to boost ticket sales through targeted promotions.
Health protocols, public policies, and the economy remain uncertain.
A packed touring calendar signals growth, but production costs are soaring.
Emerging markets and tech innovations provide expansion possibilities.
In conclusion, the live music industry has proven its resilience and stands poised for a robust recovery. However, it will require ingenuity and agility from all stakeholders to thrive in the post-pandemic era. Flexibility to changing conditions and serving diverse fan bases worldwide will be key.
FAQs
How much are concert ticket sales expected to recover in 2023 versus 2022?
Global sales are forecast to rise around 90-95% of pre-pandemic levels in 2023, up from 50-60% in 2022. This represents a major rebound closer to a full recovery.
Which markets are predicted to see the biggest growth in concert ticket sales in the coming years?
Developing music markets in Latin America, Africa, India, and Southeast Asia present major growth opportunities as infrastructure and fan bases expand.
How could economic factors impact the outlook for ticket sales?
If high inflation persists and causes a significant economic downturn, it may dampen consumer discretionary spending and constrain the live industry’s growth prospects.
Are there still risks related to COVID that could disrupt live events?
Yes, new variants could prompt restrictions and impact consumer confidence. So far, vaccines and treatments are mitigating these risks in many countries.
What innovations could help drive future ticket sales growth?
Enhanced digital marketing, dynamic pricing, data analytics, mobile ticketing, and immersive tech like AR/VR all offer means to grow sales.
Contact Info:
Name: David
Company: Barry’s Tickets
Email: support@barrystickets.com
Website: https://www.barrystickets.com/
Address: 23622 Calabasas Rd, Calabasas, CA 91302, USA
