Millennials and Gen Z are driving the stay music resurgence because the post-pandemic music growth is poised to proceed, in keeping with reviews.
A UTA report, “Standing Room Solely: Stay Music’s Epic Resurgence” paints a rosy image for the return of stay music. The analysis was performed partly with Selection VIP+ and additional illustrates how millennials are driving the experiences over possession mindset as they turn into the largest shopping for section of the inhabitants (outpacing child boomers).
There are round 72.1 million millennials in america, outlined as folks born from 1981-1996. Older millennials (like myself) are the kids of child boomers, whereas youthful millennials are inclined to have Gen X (1965-1979) dad and mom. A key distinction between millennials and child boomers is that the youthful generations are inclined to worth experiences over possession.
Research have discovered that millennials (and Gen Z) don’t equate cash with happiness. They grew up with child boomer dad and mom who had been motivated by cash and possession and noticed that buying materials items didn’t deliver happiness for his or her households in the way in which they anticipated. The result’s that millennial music followers are driving the stay music expertise greater than ever as they worth experiences greater than earlier generational cohorts.
One-third of stay music followers who’re millennials went to extra live shows (36%) and festivals (32%) over the previous 12 months in comparison with pre-pandemic. Greater than half (52%) of millennials surveyed within the UTA research bought a VIP ticket to a stay music occasion within the final 12 months. 45% say they might be extra prepared to buy a VIP ticket for stay music experiences, in comparison with pre-pandemic.
One other massive takeaway is that millennials should not afraid of touring to see their favourite reveals, both. 54% of respondents mentioned they flew domestically to attend a live performance or a competition, whereas 46% mentioned they flew internationally. 67% of millennial respondents mentioned they might contemplate flying domestically, whereas 59% mentioned they might contemplate a global flight to a stay music occasion.
“Music lovers have ushered in a brand new golden period of live shows and festivals,” provides Joe Kessler, Head of UTA IQ, the company’s analysis, analytics, and perception division. “In a world through which our lives have gotten more and more digital, followers are craving distinctive, in-person, communal experiences—and stay music clearly is filling that want.”
One in three those that UTA surveyed between ages 15-69 mentioned live shows and music festivals are extra necessary to them post-pandemic. That quantity jumps to 44% alongside the millennial demographic, with that section of the inhabitants additionally reporting prioritizing live performance and competition tickets as a part of their disposable revenue spending.
Just one in 5 (19%) of the total inhabitants mentioned they had been prepared to spend over $500 on a person live performance ticket. 31% of millennials mentioned they might spend that value, highlighting the worth this cohort locations on stay music. The report is predicated on nationally consultant survey of U.S. shoppers ages 15-69. Shoppers who attended a live performance or music competition in 2019 or up to now 12 months had been categorised as ‘stay music followers.’ Information represented right here is pulled from 4,036 respondents, with 1,500 energetic stay music goers.