Connect with us

Hi, what are you looking for?

NEWS

Live Music Industry Predicted to Take Four Years to Return to Pre-Covid Earnings

A report by PWC predicts the pre-pandemic levels of revenue in the industry to return to this by 2025

Live Music Industry Predicted to Take Four Years to Return to Pre-Covid Earnings

Financial and professional services firm PwC recently published a report looking at the live music industry in the UK, with the report predicting it could take up until 2025 to return to similar levels of revenue seen before the pandemic.

The report titled ‘Global Entertainment & Media Outlook 2021-2025’ says that the industry is predicted to grow at an annual rate of 17% for the next four years.

It goes on to estimate that the live music industry should hope to reach £1.46bn by 2025; this would be considered a recovery, given that during 2020 the live music industry generated a dismal £225 million. Before the pandemic, the industry’s estimated value was £1.58bn.

This year the industry is expected to grow to £846m. That figure is largely down to the reopening of clubs and lockdown restrictions easing, allowing businesses in this sector to start generating revenue again – while the UK market expects to overtake Germany as the largest entertainment and media market in Western Europe by 2025.

Live Music Industry Predicted to Take Four Years to Return to Pre-Covid Earnings

Mark Maitland, Head of Entertainment and Media, when discussing the report, said:

“UK consumers’ rapid migration to digital behaviours in the pandemic has now become embedded in their day-to-day lives, helping to sustain overall growth across Entertainment and Media for the coming five years. As companies race to meet consumers’ evolving needs with new products, services and experiences, the E&M industry will become more pervasive, more immersive and more diverse.

“Some sectors have found interesting ways to navigate the effects of the pandemic – notable examples include B2B events moving to online/virtual and now increasingly hybrid formats. However, sectors such as live music have struggled to go virtual, as it’s so difficult to replicate the in-person experience online. So there’s pent-up demand in those sectors ready to be released as lockdown ends.”

This was PwC’s 22nd annual edition of the Global Entertainment & Media Outlook report. The report includes forecast data and commentary for 14 definitive industry segments in 53 territories.

Will people’s appetite for events and freedom outstrip these forecasts, or are we set for a challenging four years ahead; only time will tell.

Advertisement

Latest

NEWS

In a surprising u-turn, it appears that the venue may now remain open.

NEWS

The shooting allegedly took place at 04:15 on 30th September.

NEWS

This year's edition of the FIFA franchise will be the final one before it reappears under the new guise of 'EA SPORTS FC'.

NEWS

The Neopolitan techno stalwart will dig deep into his influences and inspirations and serve up the sounds that helped shaped him.

NEWS

Roy's family confirmed the news of his untimely death via a post on his Facebook page on September 21st.

NEWS

Organisers have leased the 50-tonne metal structure from the Bristol-based Arcadia company for the tournament.

NEWS

At present, there has been no comment on the situation from Gordo.

NEWS

Robbie appeared alongside dance group Lufthaus, having provided the vocals for their club track 'Sway', at one of Ibiza's newest luxury club destinations.

You May Also Like

NEWS

At present, there has been no comment on the situation from Gordo.

NEWS

Entertainment Retailers Association (ERA) CEO Kim Bayley says: "Vinyl's rise and rise seems unstoppable."

NEWS

They were convicted of "storing, facilitating, using and selling over 15 kilograms of drugs" at the National Mental Hospital.

NEWS

Organisers have leased the 50-tonne metal structure from the Bristol-based Arcadia company for the tournament.

Advertisement