Improving disposable income and higher corporate profit will aid the industry in sponsoring larger events.
New York, NY (PRWEB) April 18, 2015
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 2015, this industry has increasingly adapted digital technology to drive revenue; in 2015, industry revenue is projected to grow 0.9%.
The industry's fairly steady 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,” according to IBISWorld Industry Analyst James Crompton. Most notably, in 2010, Vancouver hosted the Winter Olympics, which boosted industry revenue an estimated 56.3%. Industry revenue fell 38.1% the year following the Olympics, but the industry's performance during event shows provides potential for Canadian cities to attract large-scale and popular events. Promoters rely on consumers to drive revenue; as a result, metropolitan areas, which are characterized by high levels of population density, have the largest effect on industry performance. The success of the Winter Olympics, coupled with increasing consumer confidence, has helped limit recessionary losses for the industry. Revenue is projected to decline at an annualized 8.9% to total $2.4 billion in the five years to 2015.
“In the five years to 2020, revenue for the Concert and Event Promotion industry is forecast to grow,” says Crompton. As economic conditions improve in Canada, improving consumer disposable income and higher corporate profit are expected to drive industry growth, which will likely aid the industry in sponsoring larger events that cater to a higher-end clientele. Additionally, as demand for high-profile events in Canada increases, promoters are expected to increasingly market to the United States in order to attract additional consumers to metropolitan areas. Furthermore, as demand for concerts and events increases, profit margins in the industry are expected to remain steady over the next five years.
For more information, visit IBISWorld’s Concert and Event Promotion in Canada industry report page.
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IBISWorld industry Report Key Topics
This 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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