CMBN Analytics team has been tracking movements in the music festival market since the founding of the company. In the first half of 2019, 74 music festivals occurred, slightly less than 82 in 2018 and 88 in 2017. Out of the 82 music festivals in H1 2018, only 40.5% of them reoccurred in H2 2019, others are either insolvent or canceled. In H1 2019, 31% of the music festivals were located in Nothern China, and 69% were located in the South. Sichuan province hosted the most music festivals while Shanghai is the city most chosen by festival promoters and goers.
According to our research, the music festival market in China in the first half of 2018 shows the following five characteristics.
First, due to the slow down of the Chinese economy, the music festival market seems to be cooling down as well. Many music festival franchises shrank their size and number of shows or even disappeared from the market altogether. However, the big players in the market are experiencing strong growth and competing for space and audiences in the second-third-fourth-tier cities. The long-tail effect is becoming more and more pronounced.
Second, music festivals have become increasingly popular as a way to promote tourism for up-and-coming tourism spots. A majority of the music festivals are sponsored and/or heavily invested by the local governments or tourism-related organizations. The music festivals help draw people to the tourist attractions and the attractions provide festival-goers with better hospitality. The synergy has proven strong.
Third, more and more tech companies and retail brands are looking to extend their presence offline and an increasing number of them are choosing music festivals to achieve that goal. Music festivals help brands appeal to younger demographics and create a good setting for spending. We believe the integration of retail, online experience and music festivals will continue.
Fourth, music festivals have become a major way for not only celebrities but also internet influencers to cash out on their fame. The increasing appearance of internet live streaming celebrities indicates that music festivals are reaching a broader audience than the very few elitist, metropolitan youths.
Fifth, sponsorship for music festivals becomes harder to come by because of the slowing economy. However, alcohol, cosmetics, and automotive brands still have the cash to invest in their image. The E-cigarette industry has recently become an important sponsor for music festivals.
For more specifics on market size, sponsorship, artists, major players and government policies related to this topic, contact us at email@example.com.
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