Table of Contents
Overview
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- What you need to know
- Key issues covered in this Report
- Definition
- COVID-19: US context
Executive Summary
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- Top takeaways
- Market overview
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- Figure 1: Live and virtual events attended in 2019 and 2020, September 2020
- Impact of COVID-19 on live events and performances
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- Figure 2: Short-, medium- and long-term impact of COVID-19 on live events, November 2020
- Opportunities and challenges
- Most consumers are avoiding in-person events
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- Figure 3: Attitudes toward attending live events during COVID-19 pandemic, September 2020
- Strictly enforced safety precautions could put some fans at ease
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- Figure 4: Percentage who would attend an in-person event, by venue type, September 2020
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- Figure 5: Measures that would make consumers feel safer in a crowd, September 2020
- Few consumers feel willing to pay for livestreamed events
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- Figure 6: Agreement that paying for access to livestreams during COVID-19 pandemic is worth it, September 2020
- Corporate sponsorships, interactivity and alternate realities
- Millennials make an ideal target
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- Figure 7: Age of 2019 and 2020 live event attendees, September 2020
Live Events Market – Key Takeaways
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- Until recently, the live event market was quite strong
- The COVID-19 pandemic marks a key turning point for this industry
- Virtual reality holds the key to the future of digital events
Live Events by the Numbers
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- The concert industry was booming until April 2020
- Five-year period saw remarkable market growth
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- Figure 8: Top 100 North American tours, total gross and tickets sold, 2015-19
- Pricier shows, not larger audiences, driving growth in concert revenue
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- Figure 9: Top 100 North American tours, average ticket price, 2015-19
- “Last chance” tours mean veteran stars can command extravagant ticket prices
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- Figure 10: Top 10 North American tours, 2019
- Revenue growth for Broadway in New York and on the road
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- Figure 11: Revenue for Broadway productions, by season, 2015-19
- Curtains are not expected to rise on Broadway any time soon
- Theaters ask Congress to Save Our Stages
- Strong start to 2020 cut short by COVID-19 pandemic
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- Figure 12: Share of adults who attend live events, April 2015-June 2020
- A third of Americans have already ventured out to live events
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- Figure 13: Percentage of adults who attended an event in person since March, by venue type, September 2020
Market Factors
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- Impact of COVID-19 on live events and performances
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- Figure 14: Short-, medium- and long-term impact of COVID-19 on live events, November 2020
- Lockdown
- Re-emergence
- Recovery
- Economic challenges
- Learnings from the last recession
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- Figure 15: Unemployment rate, among civilians aged 16+, 2017-30
Market Opportunities
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- Advancements in digital entertainment could make virtual events viable
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- Figure 16: BRCvr’s welcome video, August 2020
- Consumers are sympathetic to the plight of local venues
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- Figure 17: Agreement that it is important to support community’s small venues, September 2020
- Now is the time to build younger audiences for older art forms
- Highlight diverse personalities to appeal to consumers’ interest in equality
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- Figure 18: Swan Lake with Misty Copeland, Gustavo Dudamel and the LA Phil, August 2019
- Embrace digital entertainment
- Spotlight on New York’s Metropolitan Opera
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- Figure 19: Met Stars Live in Concert, July 2020
Competitive Strategies – Key Takeaways
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- Live performances move outdoors
- A complicated online ecosystem is in flux
- Livestreams offer new opportunities
- Streaming subscription services emerge as theater allies
- Digital avatars and alternate worlds offer possibilities
Competitive Strategies
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- Take it outside
- The show must go on
- You can stand up anywhere
- Concert venues reorganize for outdoor shows
- Indoor concerts are possible, but pricing may determine profitability
- Music festivals take to the internet
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- Figure 20: Official Trailer | Coachella: 20 Years in the Desert | YouTube Originals, April 2020
- Livestreams go mainstream
- BTS breaks records with a bang
- Competition heats up among livestreaming platforms
- New agency opportunities to support livestreaming business
- Corporate sponsorships can keep streaming experiences free for fans
- Paid streaming services already exploring streaming stage shows
- Phoebe Waller-Bridge partners with Amazon Prime Video to fundraise
- Disney+ brings Hamilton to the masses
- Netflix will reportedly debut new Princess Diana musical
- Audience interaction will keep virtual events appealing post-pandemic
- Red Rocks Unpaused
- Forward-looking stars become avatars for virtual concerts
The Consumer – Key Takeaways
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- Most adults attended a live event or performance in 2019
- Being there in-person is best
- Concerns about COVID-19 continue
- Outdoor venues are best for the foreseeable future
- Virtual events gain traction
- Many consumers are unwilling to pay for livestreams of events
Events Attended In Person
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- Consumers were drawn to concerts, comedy and musical theater last year
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- Figure 21: Live, in-person events attended in 2019, September 2020
- Men are more likely than women to attend live events
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- Figure 22: Live, in-person events attended in 2019, by gender, September 2020
- Millennials, not Gen Z, are the most engaged audience for live events
- Concerts offer a broader appeal
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- Figure 23: Live, in-person events attended in 2019, by age, September 2020
- Comedy, not music, appears to be a universal language
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- Figure 24: Live, in-person events attended in 2019, by race and Hispanic origin, September 2020
Ticket Purchasing
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- Half of 2019’s event attendees bought tickets through a ticket distributor
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- Figure 25: Ticket purchase methods for events attended in 2019, September 2020
- Younger consumers less reliant on traditional purchase channels
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- Figure 26: Ticket purchase methods for events attended in 2019, by age, September 2020
- Free platforms are preferred for virtual events
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- Figure 27: Preferred platforms for paid virtual events, September 2020
- Millennials are most willing to pay for access to virtual events
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- Figure 28: Preferred platforms for paid virtual events, by age, September 2020
Safety Concerns
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- Right now, most consumers would choose a virtual event over an in-person one
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- Figure 29: Preference for in-person vs virtual events, September 2020
- Black and Asian consumers may be more cautious
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- Figure 30: Preference for in-person vs virtual events, by race and Hispanic origin, September 2020
- COVID-19 concerns pose a temporary barrier for in-person attendance
- Appreciation for in-person experiences will keep live events alive
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- Figure 31: Attitudes toward attending live events during COVID-19 pandemic, September 2020
- Mandatory face masks make consumers feel safer than other measures
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- Figure 32: Measures that would make consumers feel safer in a crowd, September 2020
Venue Preferences
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- Currently, outdoor venues are much preferred
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- Figure 33: Venue preferences, September 2020
- Some consumers would attend events in person while COVID-19 is a risk
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- Figure 34: Percentage who would attend an in-person event, by venue type, September 2020
- Younger Millennials most comfortable with live events right now
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- Figure 35: Percentage who would attend an in-person event at specific venue types, by age, September 2020
Virtual Events Attended
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- Virtual events helped fill the void for fans this year
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- Figure 36: Virtual events attended in 2020, September 2020
- Opportunity to engage women in virtual events
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- Figure 37: Virtual events attended in 2020, by gender, September 2020
- Consumers under age 45 drive the virtual events market as well
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- Figure 38: Virtual events attended in 2020, by age, September 2020
- Social media apps currently dominate among virtual event platforms
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- Figure 39: Platforms used to attend virtual events in 2020, September 2020
Virtual Event Preferences
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- The thrill of watching something unfold live is not gone
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- Figure 40: Preference for pre-recorded vs. livestreamed virtual events, September 2020
- Not all consumers see value in paying for livestreams
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- Figure 41: Agreement that paying for access to livestreams during COVID-19 pandemic is worth it, September 2020
- Paying for a video feed comes with the expectation of ownership
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- Figure 42: Preference for exclusive, one-time livestream or access to video that can be watched repeatedly, September 2020
Appendix – Data Sources and Abbreviations
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- Data sources
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
Appendix – The Consumer
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- Figure 43: Share of adults who attend live events, April 2015-June 2020
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- Figure 44: Daily social media use, by platform, January-October 2020
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