This Kentley Insights report includes historical and forecasted market size, ecommerce, product lines, inventory turns, gross margin, profitability, financial ratios, Read More, United States with over 100 data sets covering 2012-2026. Business. Operations in the international music festival event industry are highly complicated due to involving a large number of participants, venues, managers, and visitors. Being the most vital aspect of the equation, it is imperative festivals need organization of security, EMTs, resource accessibility . Which market fluctuations have an effect on the business most? Banks, consultants, sales & marketing teams, accountants and students all . 20% of festival goers attend an average of five to six festivals . Max Yasgur Rented Out His Farm for Woodstock. In short, the report will provide a comprehensive view of the industry's development and features. Source: HuffPost analysis of festival lineups. "The International Music Festival Event Industry as a Business Environment." Their organizational capacity helps to manage ticketing and other factors that come into play in organizing a festival. Final Price. Music Business Jobs is the most effective way for the global music industry to find the best candidates for their open positions. Digital Ledgers vs. 1 Hence, if an international event is arranged on the date of some important religious holiday in one of the countries participating, it can pose a threat to the venues success. Live Nation also controls, or partially controls, festivals like Lollapalooza and Austin City Limits, among several dozen others. 117. The International Music Festival Event Industry as a Business Environment. Costs include potential refunds of up to 800m for events that were due to take place this summer across the UK festival industry at large, and average non-recoupable costs of 375,000 per . As a result, royalties paid by radio stations to Performance Rights Organizations (PROs) will likely fall sharply over the next couple of quarters. The retailers then sell this media to the general public. 10 Which sectors are forecasted to occupied the highest share in the Music Festival business? Indeed, the modest decline in engagement measured by listening hours has not impacted consumers willingness to pay for audio streaming. Audio, one of the segments analyzed in the report, is projected to record 14.8% CAGR . A Music Festival Industry Analysis, Market Size, Share, Trends, Growth and Forecast 2021 - 2029 report has come out that gives an overview of the Global Music Festival Industry Analysis, Market Size, Share, Trends, Growth and Forecast 2021 - 2029 Industry along with a detailed explanation that The Global Medium Sized Music Festival Market Share analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. The Music Festival Market report provides the historical as well as present growth factors of the global market .The report contains 121 Pages with financial data achieved from various. Another music industry professional is a promoter, who is hired to assist with live music performances. People are more likely now to spend money on experiences over material goods, he says, contending that sharing a clip from a Billie Eilish or Cardi B performance with ones Instagram followers is more gratifying than buying something expensive. Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2015-2025) of the following . Automation will reshape music marketing as the music market grows more crowded. Identify the strategic priorities of top firms to establish tactical efforts. According to IFPIs 2019 Global Music Report, China was the seventh-largest music recording market, and India was not even in the top 10, despite having the worlds two largest populations. Increased costs. The technological environment presupposes favorable technical arrangements and accessibility to the necessary equipment, especially that connected with sound and video effects. PESTEL analysis is critical to understand the external threats & opportunities arising because of the macro . After nearly two decades of piracy-driven declines, the global music recording industrys revenue bottomed out at $14 billion in 2014. 47.3%. Please Wait. With capital pouring into the space, music IP acquisition activity has been hot. Example of Successful Trading Company: Walmart, INC. Al Sheheen Organizations Action Plan Outline, Angela Merkels Leadership Style Article Evaluation, Chinese Companies and Globalization Issues, Our site uses cookies. The pandemic has had an influence on the supply chain and value chain of numerous businesses. Web. Machine learning will change everything. Spotify Monthly Active Users (MAUs): 2017-2020 (Q2). We stuck to our own blueprint and we havent changed a whole lot, he says. The study includes a detailed competitive scenario and product portfolio of key vendors. Our customer base is really eight to 80 [in age], Smiley says. January 4, 2022. https://studycorgi.com/the-international-music-festival-event-industry-as-a-business-environment/. In this assignment I will divide the question into two parts. Jimmy has executed and evaluated $1+ billion in debt, equity, and M&A transactions across a range of industries. Audio, one of the segments analyzed in the report, is projected to record 14.8% CAGR Read More, Oct 01, 2022|Published by: Global Industry Analysts|USD 4,950, year 2020, is projected to reach a revised size of US$3.9 Billion by 2027, growing at a CAGR of 7.9% over the analysis period 2020-2027. iHeartMedia, the owner of 800+ AM/FM radio stations, saw an even larger impact than Sirius XM, with Q2 2020 sales declining 47% year-on-year. The global music community has never been more connected, and fans and artists alike are seizing the opportunities of this new era to enjoy and share the music they love. We anticipate that this analysis and data will assist industry players to strengthen their networks of market penetration and expand their geographical breadth as a result of their efforts. Regarding the festival event industry, the political environment involves the political stability of the countries from which artists and concert visitors come, as well as the monetary and foreign trade policies (Perera, 2017). Chapter 3 focuses on analyzing the current competitive situation in the Music Festival market and provides basic information, market data, product introductions, etc. When consumers purchase the music, the retailers pay the recording company, who then pay the artist and publishing company, who then pays the composer. Copyright 2014 - 2022 Market Research Store - Market Research Reports . Qantas Airways Limited: Contemporary Accounting Issues. The report provides an in-depth overview of the supplier analysis,competitive landscape, and major industry strategies that will help businesses obtain a competitive advantage in the industry. The report come up with a segment of the Music Festival market based on Type, Region, and Application, Also offer a determined view on the Music Festival market. According to RIAA statistics, the blossom of the industry began with the comparison of offline and online sales. Spotifys Q2 2020 Monthly Active Users (MAU) and paid streaming subscribers increased by 29% and 27% year-on-year, respectively, which was at the top of its guidance. Ultimately, a festivals success comes down to the lineup. They used to be more of a communion of culture, says Carlos Chirinos, a professor of clinical music and global health at New York University. We've drafted this list specifically fo Such devices offer movability and are important in concerts and live performances. Write to Mahita Gajanan at mahita.gajanan@time.com. The most common types of IP are copyrights, trademarks, patents, and trade secrets. Interesting trends of industry. In 2019, for example, the festival will include six events . At the same time, Chapter 3 includes the highlighted analysis--Strategies for Company to Deal with the Impact of COVID-19. Bahl says festival organizers quickly caught on to the spike in artists taking to the road and decided to pay them more to appear at their events. Events refer to public gathering of populace art at a determined time and place. We keep offering new experiences, from front-row viewing to VIP experiences, to embracing new technology, Smiley tells TIME. 5) Industry Rivalry(Low level of threat) In UK music industry, discography has been replaced by digital era. Plimsoll Publishings latest Music Publishing (GLOBAL) analysis is Read More, year 2020, is projected to reach a revised size of US$1.4 Billion by 2027, growing at a CAGR of 5.9% over the analysis period 2020-2027. The 2030 estimate was an increase on its original prediction of $104 billion, made in October 2016. In Chapter 5 and 14.2, on the basis of applications, the Music Festival market from 2015 to 2025 covers: Tickets Sponsorship Merchandising. Finally, a regression analysis will test for variables that may be influencing prices in order to predict price trends we may expect in future years. At the start of the pandemic, audio streaming saw a decrease in listening hours as consumers drove less and focused on other platforms (e.g., video streaming) and forms of entertainment (e.g., TV and video gaming). The report will also provide an extensive product portfolio for each company along with detailed descriptions/features. This tool is helpful in the evaluation of a business (Perera, 2017). 4 If you keep using the site, you accept our. (2022) 'The International Music Festival Event Industry as a Business Environment'. In general, rights last for 70 years after an authors death. Public Address Equipment, one of the segments analyzed in the Read More, projected to reach a revised size of US$688.5 Million by 2027, growing at a CAGR of 2.3% over the period 2020-2027. The report provides market size for all the segments and their categories for regions that include North America, Europe, Asia Pacific (APAC), Latin America and the Middle East & Africa (MEA). For artists, appearing at music festivals is an easier way to make money than depending on record sales or long tours, says Rishi Bahl, a musician and marketing professor at La Roche College in Pittsburgh, Pa. As record sales saw a steep decline in the early- to mid-2000s thanks to the growth of digital music, artists began depending on touring to earn money. Advance tickets for 2019s Coachella sold out in about two-and-a-half hours, an hour faster than they sold out in the year prior, the Palm Springs Desert Sun reported. "The live music industry is cyclical and tours are often booked around release dates or other major events, so . For instance, the retailing, manufacturing and wholesaling occurs in one place, and the production of the music takes place somewhere else. 308 qualified specialists online. These publishing entities collaborate with recording artists and studios in order to create music media. More specifically, the music industry has had massive impacts on the modern Colorado economy. Despite its seeming ubiquity, streaming is still in the early innings of mass adoption. Online Music Streaming. Global revenues from physical was $9.4 billion, a 5% decrease on 2011's total of $9.9 billion. There are 6,500 businesses that provide these . Get Free Sample. Music festival business is grouped under the Concert & Event Promotion industry and players in this industry create, manage and promote live performances and events, ranging from concerts and theater performances to state fairs and air shows. The convenience and personalization of music streaming, combined with the accessibility afforded by smartphones and smart devices, has driven recorded musics growth. Coachella, one of the most popular festivals in the country, grossed $114.6 million in 2017, setting a major record for the first recurring festival franchise to earn more than $100 million . This Kentley Insights report includes historical and forecasted market size, ecommerce, product lines, inventory turns, gross margin, profitability, financial ratios, BCG matrix, statistics by state, operating Read More, projected to reach a revised size of US$38.9 Billion by 2027, growing at aCAGR of 14.9% over the period 2020-2027. Retrieved from https://studycorgi.com/the-international-music-festival-event-industry-as-a-business-environment/, StudyCorgi. 903 miles is what people travel on average to attend a US festival. After a review of the relevant literature, an analysis was done of the responses of tourists who attended the 2013 World of Music, Arts, and Dance Festival in Cceres, Spain. The global Music Festival market report is a compre. Learn . The report can help to understand the market and strategize for business expansion accordingly. "If the world is experiencing a great . The study comprises a comprehensive view of the market with a review of market drivers, restraints, and opportunities. Each year, the company offers a Festival Passport that gives audiences access to more than 100 festivals starting at $999. A group of people who were into the same type of music, they would come together. Digital Synthesizers, one of the segments analyzed in the report, is projected to record Read More, < prev Global Music Festival Market COVID-19 Worldwide Impact Report 2022 to 2029 with Forthcoming Developments Spread Across 121 Pages, Emerging Trends, Revenue Forecast and Future Business Analysis A report on UK music says in 2012 UK music tourism generated 1.27 billion for the UK economy (UK music, 2013, p.42) also in a report by UK awards, it says that around 2.2 billion are generated only by live music events for the UK economy (UKFA market report, 2013, p.24). A wide range of data validation andmarket estimation approacheswere used to further assemble and validate the results gathered during the research. . (2017) Towards an adapted MHP strategic capabilities model for moderating challenges to quality music festival management, International Journal of Event and Festival Management, 8(2), pp. If you use an assignment from StudyCorgi website, it should be referenced accordingly. In some instances, royalty funds have also signed artists and songwriters to release new music, blurring the line between them and traditional labels and publishers. Music Synthesizers Market Research Report by Type, Distribution Channel, Region - Global Forecast to 2027 - Cumulative Impact of COVID-19. To kick things off, we conducted secondary research to gain good background information on the music festival industry and its effect on people. Strengths -The advancement in technology has made provision of the services in this industry easier. And alongside their rise in popularity, hundreds of smaller, niche or genre-specific festivals have flourished. He's advised businesses ranging from pre-revenue startups to $1+ billion public companies in a broad range of industries. Our support available to help you 24 hours a day, five days a week. This helped us understand existing market dynamics like supply-demand imbalance, pricing trends, product preferences, consumer behavior, and other factors. Business Process Optimization Consultants, The figure represents less than 11% of the 3.2 billion global smartphone, According to the Digital Media Association, the US market had 99 million paid streaming, In May 2020, Goldman Sachs estimated the entire music industrys. On the basis of Products, the market can be classified into Pop Music Festival, Rock Music Festival, Hip-hop Music Festival, Electric Dance Music Festival, Others. Business analysts often use SWOT to help them understand issues and navigate their industry's target markets. We cover all genres of music. Universal Music Group was the only label to see revenue increase year-on-year up to June 30, 2020 (+6%), while Sony (-12%) and Warner Music Group (-5%) reported declines. At the same time, other forms of music consumption, especially live, have suffered. In some cases, a SWOT analysis can uncover unexplored product and marketing . The impact of the COVID-19 pandemic will be analyzed on the basis of the overall industry including both the demand side and supply side perspectives. Furthermore, the study encompasses a market attractiveness analysis, which provides the most attractive and least attractive market segments information by products, applications, and region. That was the driving force throughout the 1970s and 1980s until it became a profitable format.. next >, Receive bi-weekly email alerts on new research. competitive rivalry (rather high in the selected industry); supplier power (due to intense competition in the industry, it is easy to become the victim of bankruptcy) (Simon. Both the Coachella and Stagecoach music festivals created 3,000 temporary jobs and brought $254 million into the Indio, California economy in 2012. But before managing the stakeholders, one has to check whether they are actually going to work with the organization in the future. Then there are the behind the scenes professionals and staff that offer assistance and representation. Thank you for your interest in our research report. Year on year growth of music streaming revenue worldwide. These dominant industry players use well planned strategies to occupied highest market share in this market. Pages. Because listening to music has become practically free (or subscription-based), the access is unprecedentedand makes live music that much more special, according to Chirinos. Perera, R. (2020) Understanding Porters five forces analysis. Look up music festival near me, and youre likely to find one within at least a few hours drive. And for the first time since 2013, Bonnaroo sold out of 2019 tickets with 80,000 people attending, according to the Nashville Tennessean. Emerging markets, such as China and India, are only just starting to pay for music IP. 3.Analysis Of The Factors In Music Festivals (PEST Analysis) 3.1 Political Factors: Since the Licensing Act of 2003 all festivals . In 2020, the global music festival market demand was registered at XX (USD Million) and is predicted to reach XX (USD Million) at a CAGR of XX% by 2028. COVID-19 Impact Analysis (A completely separate Chapter), Market size in terms of revenue from 2016 to 2028, Market size for each segment from 2016 to 2028, by Region, Market Attractiveness Analysis for all the segments, Market Drivers, Restraints, and Opportunities, Competitive Landscape and Company Market Shares, Drivers, Restraints, Opportunities and Recent Trends of the music festival market, Structure of the market and projections for the next few years, Market situation for each segment and region, An evaluation of upstream raw materials, downstream demand, and existing market dynamics is carried out, Company Market Shares, Competitive Landscape, SWOT Analysis, and Product Specification. 2022. The global music market is expected to witness a CAGR of 8.5% in the forecast period (2021 - 2026). Jay Sweet, who heads the Newport Folk and Jazz Festivals, tells TIME the folk festival has managed to last so long by just focusing on itself. Where recent attempts to revive Woodstock have failed, Newport has continued in the spirit of bringing people together in a communal sense, Sweet says. The report study delivers a critical assessment on the music festival by segmenting the total addressable market based on products, applications, and region. The report has identified the important segments & categories offering the most to the total addressable market growth in terms of revenue as well as the factors advancing their development. The average industry growth of independent label music production in the US from 2014 to 2019 is 2.5%. Record labels and music publishers are the traditional investors in the space. In a further breakdown, 51 percent of attendees were women and 49 percent men, while the festival experience . You are free to use it to write your own assignment, however you must reference it properly. The . The 2022 Event Trends Report. 8 The report covers a detailed analysis and forecast for the global music festival market on a global and regional level from 2021 to 2028. As streaming continues to take a greater share of sales, the majors operating margins will benefit. The total U.S. industry market size for Music Publishers: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size. Goldman Sachs projects global live music revenue to decrease 75% in 2020 before recovering in 2021 or 2022. He notes that the majority of the touring schedule for a band like the Offspring, which played Woodstock 99, now consists of festival performances. The analysis will include: structure of the industry, geographical distribution of the major music festivals in UK (northern regions), and industry cycle, strategic . It becomes a part of the culturenot just another event.. Income. When music is put into tangible form (e.g., recorded or written in sheet music), a copyright is created. The growth of digital streaming has allowed consumers to access and enjoy music regardless of social distancing restrictions. Inside the results, all three attributed positive growth trends to streaming, but pandemic-related lockdowns negatively impacted non-digital revenues, especially in the areas of merchandise, physicals (e.g., CDs), and artist services. Sirius XM, the satellite and digital radio broadcaster, saw total company sales decline 5% year-on-year in Q2 2020, driven by a 34% decline in advertising revenue. The sample report for Music Festival market can be received after the apply from the website. 4.2 Industry Analysis. Safety. They become something thats ingrained into the culture.. Recent years have seen several significant deals: Since going public in July 2018, Hipgnosis Songs Fund has also spent more than $1 billion, acquiring more than 60 catalogs. StudyCorgi. Finally, the ecological environment includes requirements concerning sustainability and eco-friendliness of the event. Email Us: [email protected] Contact Us: +1(857)445 0045; Skip to main content; Skip to footer; Market Desk. Mobile Games, one of the segments analyzed in the report, is projected to record a 6.2% Read More, Oct 01, 2022|Published by: Kentley Insights|USD 295, of the retail sector in the United States with over 100 data sets covering 2012-2026. Chirinos says that through help from large music conglomerates, festivals like Coachella and Bonnaroo have become akin to household brand names. tailored to your instructions. The Festival Industry - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. Audiences are keen to connect to the artist, he says. Similarly, the three largest music publishers - Sony (25%), Universal Music Publishing (21%), and Warner Chappell Music (12%) - maintain a 58% share of the music publishing market. Simon, A., et al. The study provides an in-depth analysis of market segments, sub-segments, and the regional prognosis for the market in consideration. Since then, due in large part to streaming, revenue has grown to $20 billion in 2019, back in line with 2004 levels. . The music industry has reached at a global in a way it was never before. Music Industry, Five Forces. Strawberry Music Festival is a touring event, bringing a rotating selection of local and international artists to several locations each year. As streaming becomes one of the most popular ways to listen to music, sales of tickets and merchandise make up the bulk of fans expenditures on music. It was originally "() created by Goldenvoice ()" 6 and "() features some of the best artists in the music industry." 7 It "() marks the start of the entire festival season and, of course, to summer in golden Southern California." 8 Since 2012 Coachella has offered precisely the same line-up during two separate weekends . Music Festival Market 2022 Size Research by Business Opportunities, Top Manufacture, Industry Growth, Industry Share Report, Regional Analysis and Forecast to 2029 Published: Sept. 26, 2022 at 3: . After piracy and unbundling drove 15 years of revenue decline, the global industry has returned to growth, primarily due to streaming. Environmental Analysis PETSEL of the Music Industry Music is the important art of human being; it has the power to change our mindset, to affect every aspect of our lives and our culture. inquiry@globalmarketers.biz; UK: +44 33 3303 4979; US: +1(806)4400782; Home; Industries. Pop Music Festival, Rock Music Festival, Hip-hop Music Festival, Electric Dance Music Festival, Others, Pioneer DJ, Steinway & Sons, Gibson Brands, Fender Musical Instruments, Yamaha, Roland, Kawai Musical Instruments, Denon DJ, Numark Industries, North America, Europe, Asia Pacific (APAC), Latin America, Middle East And Africa (MEA), 2016to 2020 (Depending on availability, data from 2010 can be offered). Promoter Goldenvoice Bonnaroo have become akin to household brand names is registered with the U.S music group and. Chain and value chain analysis and forecast for the market can be increase in profitability! 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