The live event industry is projected to have a strong year in 2023 despite double-digit inflation impacting household spending in many countries around the world.
And the premium-priced experience is set to benefit most of all. As reported by the Guardian,
“Especially in the top end of sports and music, the fans are very enthusiastic and feel the need to attend tours and events. ,” said Harry Heartfield, senior partner at Edition Capital, which invests in live events and festivals.
AEG, which owns the O2 arena in London and runs the British Summer Time Festival in Hyde Park, has already seen ticket sales surpass pre-pandemic levels. At O2, annual turnover for the best seats between £300 and £400 including dinner is up 49% from 2019.
“During the 2008 financial crisis, there was no decline in ticket sales, or food and beverages at O2. wanted to do, see friends, use it as a release, etc. We predict it will be the same case as the cost of living crisis.
Sporting events are as much part of the boom as entertainment shows. According to the Evening Standard of London, But consumers plagued by pandemic cancellations often buy tickets at the last minute.
Events such as the UEFA Women’s Euro Championship, Commonwealth Games and Rugby League World Cup all saw unprecedented fan demand after the opening event was broadcast.
Rugby League World Cup Commercial Director Mick Hogan said:
Sports business experts expect a repeat of spending patterns seen in 2009. In 2009, although fewer people chose to travel abroad, participation in sports remained. important.
The latest forecasts reflect views expressed last summer by insurer Allianz Global Corporate & Specialty (AGCS), which predicted the continued expansion of its live events business post-pandemic. According to Insurance Business magazine.
“We are seeing huge demand for live events right now. Fan appetite for live events is high and big promoters are hitting record numbers,” said Michael Furtschegger, Global Head of AGCS Entertainment. I’m here.
However, insurance risks were rising due to a shortage of skilled staff, constraints on spending on entertainment technology rentals, and the use of untested new locations that required risk assessment.