Revenue / 10.18.23
UTA IQ Study Finds Millennials Spending and Traveling More to Drive a 'New Golden Era' of Live
Pollstar (10/16/23) Speer, Debbie
A study by United Talent Agency's UTA IQ research, data and analytics division found an overwhelming eagerness by live music fans in the U.S. to attend shows and virtual events. American fans are also more willing to increase their spend on live events, even in the face of inflation and post-pandemic economic headwinds. In collaboration with Variety VIP+, UTA IQ found one in three live music fans believe concerts and music festivals have become more important to them post-pandemic, and they are going to more concerts and festivals than they did pre-COVID. The study forecasts U.S. consumers attending more concerts and festivals, spending more on tickets and increasingly willing to travel both to U.S. destinations and abroad to get the best live music experiences. The report also found Millennials are driving industry growth, attending 36% more concerts and 32% more festivals over the last year than they did before the pandemic. That age group also spends more on VIP experiences, with 52% buying a VIP ticket in the last year, and 45% report being more willing to buy VIP experiences versus pre-pandemic. Meanwhile, 54% of Millennials have traveled within the U.S. for a concert festival and 46% say they have traveled internationally. "In a world in which our lives are becoming increasingly virtual, fans are craving distinctive, in-person, communal experiences — and live music clearly is filling that need," said UTA IQ's Joe Kessler. One in five attendees overall are willing to spend more than $500 on an individual concert ticket, as are 31% of Millennials.
Read the full story from Pollstar.
Tags: Revenue , Millenials