A recent global survey of 10,000 concertgoers reveals consumers are anxious to see live music returns.
Live Nation issued its first-quarter 2020 results earlier this week amid concerns that the continuing proliferation of coronavirus around the globe would place a financial pinch on the entertainment giant. Not surprisingly, the report exposed a business struggling to adapt even though the lockdown began in the last three weeks of the quarter: Revenues were down 20% year-on-year, concert revenue was down 25% (from $1.318 billion to $993.4 million) ticketing was down 16% and, significantly, fan attendance was down 6.2%. However, CEO Michael Rapino remains optimistic about his company’s future, though he admits it may be the third or fourth quarter of 2021 before things feel normal again.
To reinforce his positivity, Rapino shared insights from a global survey of more than 10,000 concertgoers about their feelings regarding live music. The result show an overwhelming support for the performancers and an eagerness to see concerts return with over 90% of consumers choosing to hold onto tickets rather than request refunds. Additionally 91% say they’re likely to return to music venues after COVID-19 fears subside, which is higher than movie theaters, conferences, and other places where large groups of people typically gather.
Elsewhere in the report, 79% of fans are planning to return to a music venue within four months of coronavirus restrictions lifting. If the current plan in the US stays in place, that would mean that the overwhelming majority of concertgoers plan to step foot inside a venue by September or October 2020.
Additionally, 72% claim that watching livestream events makes them more excited for future concerts, which is good because the entire industry is hoping streaming can sustain fan engagement until things return to normal.
You can find the full report here.
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