As Cost of Living Bites, Appetite For Concerts ‘Remains Strong’: Report
Shaving the price of a concert ticket by a small note can be the deal-maker for a punter, as the cost of living crisis creates pressure at all points of the live music economy.
That’s just one of the findings of the new Ticketing State Of Play report, published today (Sept. 4) by Tixel and Bolster.
As music festivals fall over left and right, and smaller music venues struggle to spin a profit, even with a regular flow of punters on site, the third annual report, “Front Row Centre,” offers more hope than misery.
Based on interactions with about 2,700 respondents, its editors found that live music fans still love going to the show, even though the cost of living crisis is still “biting hard.”
More than half of respondents (55%) say a ticket price that’s $5-$10 cheaper can often determine whether or not they make the purchase, a figure that’s “especially pronounced” with Gen Z, with almost two-thirds saying this is a “deal breaker.”
When times are tough, as they are, consumers likely spend less at-event consumption and on merch, the report explains.
The takeaways from the 69-page report include:
– 56% of respondents reported live music events as a priority expense, with two out of three event goers reported attending the same or more events than last year.
– Over half of those aged 18-24 (51%) reported purchasing tickets to see an act they discovered through TikTok or IG Reels audio.
– Single genre line-up events are winners. Some 63% of respondents say they preferred singular genre-focused line-ups over experiences that offer a smorgasbord of music – a finding that reflects the research published earlier this year in Creative Australia’s Soundcheck report, which revealed that EDM festivals were still very much pumping across the country.
– Flexibility in a post-COVID landscape is key, with 75% of event-goers saying flexibility to resell a ticket was a factor in them forking out for a ticket.
“Despite the doom and gloom surrounding our industry, particularly the festival landscape,” comments Bolster Group head of strategy & growth Darren Levin, “the good news is the appetite for live events remains strong. We’re buoyed by many of these findings and hope they provide some green shoots of optimism and actionable insights for the year ahead.”
A strong lineup of industry experts contributed to the report, including Mike Christidis co-founder and managing director, Untitled Group; Seth Clancy, commercial director, Oztix; Sarah Donnelly, director and artist manager, Mushroom Management; Chris Erskine, senior VP, marketing and promotions Australasia, Warner Music; Ash Hills GM, UNIFIED Artist Management; Brinley Stanovsek, tour promoter, Handsome Tours; and Mitch Wilson, managing director, Australian Festival Association.
“The process of undertaking research of this nature is often humbling as things shift quickly in ways you can’t always predict, especially in entertainment,” comments Zac Leigh, CEO and co-founder of Tixel.
Zac Leigh
“Mostly, we come out of it feeling that it’s important that we do it. We uncovered a great sense of hope from fans, gratitude towards the people that make it all happen, and a lot of people trying hard to get to the live events they love, even if money is tight.”
At the end of the day, he continues, “we’re in the business of delivering people the live experiences they want, so anything we can learn about their preferences, opinions and buying habits is invaluable.”
Read the report in full here.