Last year the UK’s live entertainment sector enjoyed a combined turnover of £17 billion – making it one of the most successful years to date.
Factors such as The West End debut of the hit Broadway musical Hamilton, mega gigs and international sporting events helped the UK’s live entertainment sector to hit this record figure.
Looking at the most recent data, around £2.1 billion of this total came directly from live performances, such as concerts or the theatre – a figure which is predicted to grow by seven per cent this year.
Meanwhile, the boom in festivals and concerts has made it the largest sub-sector of the live performance sector in the UK, accounting for more than half of the total revenue.
As an example of this surge in interest in concerts the business behind Ticket Master, Live Nation, recorded a 44 per cent increase in the number of shows for which it sold tickets last year.
It also saw ticket sales rise globally by 20% to more than 80 million tickets, according to its most recent figures.
“This isn’t just limited to one particular genre, all events are performing well,” said Denis Desmond, the chair of Live Nation UK.
Looking at other parts of the live media industry, income from ticket sales to sports events was £800 million last year and is expected to grow another two per cent to £900 million this year.
Josh Krichefski, the Chief Executive of MediaCom UK, said: “There is still a great deal of pulling power involved in live activities. It is chiefly down to how we are hardwired as humans, living in the moment and enjoying shared experiences as they happen.
“Moments in time like World Cup finals, music gigs and, in media, events like the Bake Off launch and X Factor final still attract huge audiences of millions of live viewers. Audiences still thrive on those in-the-moment thrills.”
There is no denying the growth in the UK’s live entertainment sector and at Grunberg & Co we have worked with a number of production companies at all stages of their businesses life, so we understand their requirements. If you would like to know more about our services for the media sector, contact us.
