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Music Festivals
In the last 10 odd years, music festivals have grown into a massive juggernaut. There are big-ticket events with matching prices and an endless stream of world-class performers.
Origins:
Music Festivals date back to ancient Greece, while modern ones became popularized in 1969 with the Woodstock. Music Festivals gained massive popularity since then, being extremely attractive to sponsors and attended by more than 32 million people, earning millions of dollars.
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Experiential Economy
People, especially those who are tired of accumulating stuff, are now more likely to spend money on experiences. Music festivals provide such an experience, making big brands lineup for the same.
Millennials, who make up about 15 million of the attendees per year, find spending on experiences(like travel) a better deal than buying stuff.
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The Real Experience
Streaming services like Apple Music and Spotify have changed how music is consumed, with sales of physical media now a thing of the past. Live music is the only form of ârealâ experience, and fans love to spend to experience their favourite artists in the flesh.
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Commercial Viability
Artists see music festivals as a better and easier way of making money, as opposed to record sales(not happening now) or long tours that are done at their own expense.
Music Festivals are now big business and many big companies like Live Nation and AEG Live strengthen the festivals with their organizational capacity and professionalism. Promotions like a âFestival Passportâ allowing access to over 100 festivals are lucrative and popular.
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Mainstream Or Low-Key
Many 'niche' music festivals are not meant to be mainstream and are showcased as a cultural community event, focussed on bringing like-minded people together. The booming trend is of course towards the big festivals with a huge lineup of rockstars, ensuring millions of attendees and big bucks.
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IDEAS CURATED BY
"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman
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