PricewaterhouseCoopers has released the 2018 edition of its respected annual review of the entertainment industries, the Global Entertainment and Media Outlook 2018–2022. According to PwC, the value of the international concert business is projected to increase at a compound annual growth rate (CAGR) of 3.3% over the next five years, reaching $30.55bn ($24.36bn of it from ticket sales) by 2022.
The report also revealed that heritage acts are still doing the biggest business, with U2, Guns N’ Roses, Metallica, Depeche Mode, Paul McCartney and the Rolling Stones taking six of the ten top tour spots last year.
The firm’s analysis of the EDM genre found that dance acts continue to draw large crowds internationally, with many of the top EDM festivals including Miami’s Ultra Festival and Mexico’s BPM Festival having recently expanded into Europe, Asia and South Africa.
Interestingly, the report also revealed that many of the barriers that have long existed between different forms of entertainment are beginning to break down––something it calls ‘convergence’. This, in and of itself, is a good thing, as it has already begun to strengthen relationships between the live sector and e-commerce, licensing and consumer product brands who are joining forces to meet increasing consumer demands and deliver alternatives to a one-size-fits-all entertainment experience.
To access PwC’s 2018 report, click here.