Following two years of pandemic-induced cancellations, Mintel forecasts UK sales of music festivals and concerts will bounce back during 2022 and that the value of the market will surpass its pre-COVID level in 2023. Sales are set to reach nearly £2.79 billion next year, up from £2.77 billion in 2019.
By 2026, Mintel estimates the market will reach a record high of more than £3.22 billion as the industry continues to cash in on pent-up consumer demand for live experiences that were off-limits during 2020 and 2021.
Despite 2021 being far from a normal year in the music festival calendar, overall participation in attending festivals recovered to around 80% of its pre-pandemic level as just over a fifth (21%) of UK consumers attended a music festival in the year to March 2022, compared to 26% in the 12 months to May 2019. Nearly half (49%) of 16-24s attended a music festival in the 12 months to March 2022, meaning overall participation among this age group has recovered to its pre-pandemic level (49%).
While livestreaming was a vital way for artists and promoters to engage with music fans throughout the pandemic and will continue to attract budget-conscious music lovers, in the last 12 months* music fans were around three times as likely to pay to attend a music concert or festival in person (30%) than to pay to stream one online (11%). Now, with restrictions fully lifted, 35% of consumers say they plan to pay to attend in person over the coming year** compared to 9% who plan to pay to stream online.
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