Table of Contents
Executive Summary
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- Impact of COVID-19 on music and cultural events
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- Figure 1: Short, medium and long-term impact of COVID-19 on the music and cultural events sector, April 2021
- The market
- Cultural events are in need of financial support to recover
- Decline in footfall poses major threat to cultural events industries
- Live events have an opportunity to cash in
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- Figure 3: Financial priorities when COVID-19 is no longer a concern, 2021
- Companies and brands
- Venues stimulate consumers with a ‘sense of the intense’
- Livestreaming is a long-term investment for cultural events
- Venues prepare to host live events
- The consumer
- More than half of UK adults attended live music and cultural events before COVID-19
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- Figure 2: Events consumers paid to attend before the COVID-19 outbreak, 2021
- Livestreaming can be more than just an interim revenue stream
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- Figure 3: Events consumers watched via livestream before and since the start of the COVID-19 outbreak, 2021
- A third of consumers would pay to see an in-person music concert
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- Figure 4: Consumer interest in events after the COVID-19 outbreak, 2021
- Figure 5: Consumer interest in paid cultural events before, during and after the COVID-19 outbreak, 2021
- Majority of paid livestreamers willing to pay more than £10
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- Figure 6: Amount consumers are willing to pay for livestreamed events, 2021
- Half of livestreamers want to do so to avoid crowds
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- Figure 7: Reasons for paying to livestream cultural events, 2021
- Consumers keen to reconnect with artists and enjoy the live event experience again
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- Figure 8: Reasons for paying to attend in-person music or cultural events, 2021
- Three quarters of consumers are happy to take COVID test to gain access to in-person events
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- Figure 9: Consumers’ attitudes towards events, 2021
Issues and Insights
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- Decline in footfall poses major threat to cultural events industries…
- …boosting the need for collaboration
- Livestreaming can be more than just an interim revenue stream
The Market – Key Takeaways
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- Cultural events are in need of financial support to recover
- Decline in footfall poses major threat to cultural events industries
- Live events have an opportunity to cash in
Market Background
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- Cultural events are in need of financial support to recover
- Cultural Recovery Fund further boosted to support cultural events
- Music industry calls for a government-backed insurance scheme
- Some consumers have built up savings during the pandemic…
- …and live events have an opportunity to cash in
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- Figure 10: Financial priorities when COVID-19 is no longer a concern, 2021
- Decline in footfall poses major threat to cultural events industries
- Theatres will benefit from older consumers’ strong financial position
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- Figure 11: Consumers’ financial situation, by age, 2021
- Companies are continuing to make cultural events more accessible via livestreaming…
- …but are challenged to make it more reliable
Companies and Brands – Key Takeaways
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- Venues stimulate consumers with a ‘sense of the intense’
- Livestreaming is a long-term investment for cultural events
- Venues prepare to host live events
Launch Activity and Innovation
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- Venues stimulate consumers with a ‘sense of the intense’
- Royal Opera House introduces VR experience
- Immersive live events venue set to open in London
- Livestreaming is a long-term investment for cultural events
- Royal Opera House
- The Young Vic Theatre
- National Theatre
- Pernod Ricard and Boiler Room collaborate to host global virtual music event
- Venues prepare to host live events
- Glastonbury expected to host day event in September
- O2 set to hold full-capacity gigs
- Comedy performance straight after lockdown lifted
- English National Ballet is back on stage
- Venues have started campaigning
- London theatre industry celebrates reopening
- Campaigns promoting safe reopening of live events
The Consumer – Key Takeaways
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- The COVID-19 pandemic has led consumers to conclude ‘experience is all’
- Younger consumers have a keen appetite for in-person events
- Livestreaming can be more than just an interim revenue stream
Impact of COVID-19 on Consumer Behaviour
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- The COVID-19 pandemic has led consumers to conclude ‘experience is all’
- Younger consumers have a keen appetite for in-person events
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- Figure 12: Consumers’ interest in in-person events, by age, 2021
- Many consumers are hesitant to return to crowded venues
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- Figure 13: Level of consumer comfort doing leisure activities, 2021
Attending Events In-person pre-COVID-19
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- More than half of UK adults attended live music and cultural events before COVID-19
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- Figure 14: Events consumers paid to attend before the COVID-19 outbreak, 2021
- Music events held broad appeal but young consumers show the greatest interest in returning
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- Figure 15: Events consumers paid to attend in-person before the COVID-19 outbreak, by age, 2021
Livestreaming Events before and during COVID-19
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- Livestreaming can be more than just an interim revenue stream
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- Figure 16: Events consumers watched via livestream before and since the start of the COVID-19 outbreak, 2021
- Paid livestreams are popular among a quarter of 16-24s
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- Figure 17: Consumers who paid for livestreamed events since the start of the pandemic, by age, 2021
Future Interest in Cultural Events
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- A third of consumers would pay to see an in-person music concert
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- Figure 18: Consumer interest in events after the COVID-19 outbreak, 2021
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- Figure 19: Consumer interest in paid cultural events before, during and after the COVID-19 outbreak, 2021
- Opportunity for theatre companies to collaborate with restaurants
- Nearly a fifth of consumers are interested in paying to livestream events
Willingness to Pay for Livestreamed Events
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- Majority of paid livestreamers willing to pay more than £10
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- Figure 20: Amount consumers are willing to pay for livestreamed events, 2021
- Livestreamed performing arts events can justify a bigger price tag
- Stand-up comedy: streaming the jokes to your living room
Motivations for Livestreaming Events
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- Half of livestreamers want to do so to avoid crowds
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- Figure 21: Reasons for paying to livestream cultural events, 2021
- Two thirds of livestreamers aged 45+ are influenced by a need to avoid crowds
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- Figure 22: Reasons for paying to livestream cultural events, by age, 2021
Motivations for Attending Events In-person
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- Consumers keen to reconnect with artists and enjoy the live event experience again
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- Figure 23: Reasons for paying to attend in-person music or cultural events, 2021
- Younger consumers are a key target market, keen to try something new
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- Figure 24: Reasons for paying to attend in-person music or cultural events, by age, 2021
Attitudes towards Events and the Impact of COVID-19
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- Three quarters of consumers are happy to take COVID test to gain access to in-person events.
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- Figure 25: Consumers’ attitudes towards events, 2021
- Over a third of event-goers would pay to livestream an event at the cinema
- Opportunity to invest in consumer interest in livestreaming and virtual reality – CHAID analysis
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- Figure 26: Music and cultural event behaviours – CHAID – Tree output, 2021
Appendix – Data Sources, Abbreviations and Supporting Information
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- Abbreviations
- Consumer research methodology
- CHAID analysis methodology
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- Figure 27: Music and cultural event behaviours – CHAID – Table output, April 2021
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