The live music industry could return to pre-COVID earnings by 2025
A new report into entertainment and media has predicted the industry’s growth
By 2025, the live music industry in the UK could return to its pre-pandemic levels, a new report has said.
PwC’s ‘Global Entertainment & Media Outlook 2021-2025’ predicts the return of pre-pandemic revenue to the industry will be achieved by 2025 - growing at an annual rate of 17% for four years.
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The revenue brought in by the live music industry is believed to reach £1.46B in 2025, recovering from the huge fall it took due to the pandemic, only bringing in £225 million during 2020. The industry was worth £1.58B before the pandemic began.
Speaking about the findings, Mark Maitland, PwC’s UK head of Entertainment and Media 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.
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“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.”
Lockdown restrictions are set to be lifted on July 19 - meaning that live events can go ahead at full capacity, allowing nightlife and other events industries to pick back up without restrictions.
Tope Olufemi is Mixmag’s Digital Intern, follow them on Twitter