2015 has been a great year for British music festivals and concerts.
It’s no secret that music festivals have been growing exponentially in the last few years. Especially in the UK, which has a plethora of grand music festivals to show for their musical talent. According to consumer analysts Mintel, the British have spent over 2 billion pounds on concerts and music festivals this year – which is an increase of 45%.
The study shows that 40% of Brits have attended a music festival or concert in the last 12 months with 7% going at least once a month. Here’s what Michael Oliver, senior leisure analyst says about these numbers, in this article.
“The live music industry has shown the strongest rate of value growth between 2010 and 2015. The main reason for this is the increased focus placed on performing live by recording artists, as a result of declining revenues from the sale of recorded music.”
This is great progress for the live music industry, however, this study shows that music sales are declining sharply. What do you guys think about the rapid growth of music festivals, while music sales themselves decline? Do you agree with Michael Oliver on why music festivals are thriving today? Let us know in the comments, folks! Stay tuned to the Sherp for more news.