Live Nation has unveiled a raft of findings about the global live music audience as the promoter looks to connect more closely with brands.
The concert giant’s Power Of Live report is based on research from festivals, venues and clubs around the world in order to learn what drives live fans’ behaviour.
More than 2,000 people were surveyed in the UK, with a similar volume of respondents in Germany, France, Brazil, Canada, Mexico, Japan, China, the US and across Scandinavia. Overall, 22,500 people in 11 countries took part.
The report reaffirms the fact that live growth is outpacing recorded music, despite the streaming boom. By 2020, the live market is predicted to be worth $28.24 billion (£21.5bn), compared to $19.48bn (£14.8bn) for recorded music, based on PwC figures.
More than two-thirds of 13- to 49-year-olds attend live music events around the world, according to the study. It also revealed that 62% of respondents have attended both a concert and a festival.
“Live music drives culture and brings society together, which is why festivals and concerts have never been more popular,” said Russell Wallach, Live Nation’s global president of media & sponsorship.
Just as a recent branding study found that young people had grown weary of so-called ‘influencers’, Live Nation says that music fans are desperate to get away from social media and connect with real life. Almost three-quarters (73%) of 13- to 49-year-olds globally agree with the statement: “Now, more than ever, I want to experience real rather than digital life.”
The report also found that 66% of global respondents are “starving for experiences that put them back in touch with real people and raw emotions”.
We challenge brands to consider the value of our audience
When fans were asked to reflect upon a recent live music experience and rate their level of emotional intensity, more than three-quarters (78%) said they felt an 8, 9, or 10 - a more intense experience than live sporting events. Furthermore, 79% of global live music goers agree that the experience extends well beyond the actual event, which brings social media back into play with 68% sharing experiences via their networks.
In terms of marketing opportunities for brands, the research showed that 65% made a purchase specifically for the event. The live music audience are also 29% more affluent than average household income, more cultured (63% more likely to be part of a global community) and more connected (333% more likely to be a ‘micro-influencer’). They are also 53% more likely to make large purchases than non-live music-goers and 27% more likely than sports-goers.
Highly engaged fans who were exposed to brands in the live music environment said they were 53% more likely to use the brand in future.
Wallach noted that there had been “fragmentation” in the market for live music.
“Generations age up, demographics and preferences blur, and media consumption patterns evolve,” he said. “These new challenges require brands to adapt and meet the needs of a dynamic and demanding society.”
He added: “We challenge brands to consider the value of our audience, share in fans’ emotions, and become strategic investors in culture.”