The live performance space is faring well, due to consumers opting to buy into holistic experiences rather than just isolated transactions. According to Pollstar and PricewaterhouseCoopers, U.S. concert ticket sales exceeded $8 billion in 2018, and average ticket prices are rising as consumers are increasingly willing to spend more for a show. Yet, AVIXA forecasts that in the Americas, pro AV sales into temporary live events solutions will decline from $10.2 billion in 2018 to $8.6 billion in 2023. Rather than renting pro AV equipment, a higher percentage of live events producers own equipment and plan to increase the owned portion. AVIXA's new Market Opportunity Analysis Report (MOAR) Live Performance (opens in new tab) investigates the opportunities and challenges for pro AV providers working in the live performance space.
The report focuses on the live performance events themselves, whether in the form of a music concert, theater production, symphony, circus, comedy show, or other event falling within the realm of live entertainment. Unlike traditional AV integration projects, live performances are often a temporary deployment of technology combined with staffing to manage and operate the hardware.
"Consumers' willingness to increase their spending to get a more engaging total experience suggests more revenue potential for pro AV businesses, as the industry hangs its hat on delivering exceptional experiences," said Sean Wargo, AVIXA's senior director of market intelligence. "In theory, producers thus seek to invest more in AV to deliver on expectations. Providers then benefit as these companies turn to the experts for best aligning technology with these needs. The question is, does this actually happen? AVIXA's research shows the answer is a mixed bag."
To learn more about MOAR: Live Performance, visit avixa.org/MOARLivePerformance (opens in new tab). AVIXA members are eligible for discounts.