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The data from Nielsen’s 2015 Audience Insights Report on Music Festivals, found that approximately 32 million people attended at least one music festival in the U.S. each year. The young adults’ age group is dominant among attendees – about 46% of them fall between ages 18 to 34.
- Why Festies Are So Important
- How to Attract Hardcore Festies
- More Than Music
- Bigger Isn’T Always Better
- Don’T Ignore The Minority of Your Consumers
They’re Loyal
20% of festival goers attend 5-6 festivals per year, spending an average of $91 more per event than your average consumer. 50% of these festies hit up 2-3 festivals per year. (That’s $200-$550 more dollars in your wallet per person per year!) If you can tap into this market, you’re not only satisfying your bottom line today but building a model for future business as well. And how loyal are they? An average festie attends their favorite event 3 times. That’s three times the opportunity to sel...
They Spread the Word
It’s not just the festies that will be coming back next time. This is a very select—and very vocal—group with extended reach among their peer groups. They’re the trendsetters of their social circles and 69% of them say that their friends rely on them for information and advice about upcoming musical events, multi-day festivals, and concerts.(With an average annual salary of $75k these folks and their peers have plenty of disposable income to throw your way.) Simply put, if you make a good imp...
So, these hardcore fans are an economic boon for your music festival. But how do you get them through the gates in the first place? With focused planning, selected marketing, and social outreach.
Modern music festivals are multimedia events. They’ve become a strange sort of amalgam between music, food, and other forms of entertainment. In short, people don’t just go to listen to bands anymore. 23% of festies look for events that host non-musical entertainment like talks, workshops, culinary explorations (think food trucks), and art/artists ...
As is almost always the case, targeting a niche audience will be more profitable in the long-term. 56% of festies said they preferred more intimate events in line with their unique interests.While it may seem counterproductive to limit the scope of your festival, by doing so you can tap into that hardcore fan base and actually attract more dedicate...
It’s easy to get caught up in the thought that casting a wider net will bring in more profits. More tickets sales means more dollars, right? But if you ignore that powerful elite—that 20%—you’re actually letting money slip through your fingers. Smart planning and marketing can cost less and reap more. Isn’t it time your learned how to tap those har...
People also ask
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Jan 19, 2017 · Engage artists to spread the word. There’s no one hardcore festies listen to more than the artists they’re coming to your festival to see. Hardcore festies are 76% more likely than casual fans to have purchased a digital download, 36% more likely to have bought a CD or vinyl record, and 76% more likely to have listened to music on satellite radio in the past year.
Sep 15, 2022 · Impact on Cash Flow. With many music festivals earning more than 60% of their revenue from ticket sales having 46%* of that income coming in within 30 days of the event dates makes running the festival highly risky. If the ticket revenue is being used to pay suppliers, staff and artists the festival organisation can quickly run into financial ...
She sealed her argument by comparing Chicago's Wavefront Music Festival, which had included EDM among its musical flavors, to a new festival in the city called Mamby on the Beach, which featured ...
Festivals have become another venue for them. Revenue in the music events market is projected to reach U.S.$ 30.14 billion in 2023, with an annual growth of 5.03%, resulting in a projected market revenue of 36.71 billion dollars by 2027 – Statista. Today’s music festival economy is seriously big business.
Welcome to the Complete Guide to Music Festival Business Financing and Raising Capital. In recent years, the music festival industry has witnessed unprecedented growth and popularity. According to the latest statistical information, the global music festival market is projected to reach a value of $34.06 billion by 2027, growing at a CAGR of 6.9%.
