Improving disposable income and higher corporate profit will aid the industry in sponsoring larger events.
Los Angeles, CA (PRWEB) November 07, 2013
The Concert and Event Promotion industry in Canada attracts consumers to live entertainment events. Operators in this industry assemble and market a variety of events, including music concerts, theatrical performances and sporting events. In the five years to 2013, this industry has increasingly adapted digital technology in order to drive revenue, but in 2013, the Concert and Event Promotion industry is expected to decline marginally by 0.9%. This decline is expected to be influenced by decreasing consumer leisure time.
The industry's relatively positive performance through the global recession shows the resilience of the industry's downstream market and demonstrates the high value consumers place on live entertainment. Canada's metropolitan areas, especially Toronto and Vancouver, steadily attract many major artists and events. Most notably, in 2010, Vancouver hosted the Winter Olympics, which boosted industry revenue by an estimated 56.7%. According to IBISWorld Industry Analyst James Crompton, “Industry revenue fell 37.9% the year following the Olympics, but the industry's performance during the event shows there is potential for Canadian cities to attract large-scale and popular events.” Promoters rely on consumers to drive revenue; as such, metropolitan areas have the largest effect on industry performance due to their relatively high levels of population density. The success of the Winter Olympics, coupled with increasing consumer confidence, is expected to help industry revenue grow an annualized 0.7% to about $2.3 billion in the five years to 2013.
In the five years to 2018, the Concert and Event Promotion industry is forecast to grow. “As economic conditions improve in Canada, industry growth is expected to be driven by improving consumer disposable income and higher corporate profit, which will likely aid the industry in sponsoring larger events that cater to higher-end clientele,” says Crompton. Additionally, as demand for high-profile events in Canada increases, promoters are expected to increasingly market to the United States and to attract additional consumers to metropolitan areas. Furthermore, as demand for concerts and events increases, profit margins in the industry are expected to rise.
For more information, visit IBISWorld’s Concert & Event Promotion in Canada industry report page.
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IBISWorld industry Report Key Topics
This Concert and Event Promotion industry creates, manages and promotes live performances and events, ranging from concerts and theatre performances to state fairs and air shows. Some promoters lease space from stadium, arena and theatre owners, while others own venues.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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