As the world continues on its digital revolution and starts to wake from post Covid hibernation, live events and face-to-face experiences are becoming more popular than ever before. Over 60% of marketers believe live events are their most important marketing channel for 2023.
Verified Market Research, a leading global research and consulting firm, expects the global events industry, currently estimated at around $1.54 billion, to grow to $2.2 billion by 2028.
Traditionally major sporting events have garnered the vast majority of sponsors and audiences, however, over the past several years many brands have begun to understand just how important music is to their audiences. While the World Cup remains the most watched event globally, music festivals such as Coachella and Lollapalooza score higher on the “cool, entertaining and fun” scale according to Epollresearch.com.
Music festivals scored the highest in entertainment value and represent a great opportunity for brands to get closer to their audience. In a survey conducted by the Event Marketing Institute they found 74% of consumers are more likely to buy products after exposure to a branded event marketing experience.
- 93% like brands that sponsor a live music experience, compared to 63% among non-attendees;
- 89% perceive those brands as being more authentic, compared to 56% among non-attendees;
- 83% leave with a greater trust for brands that support a live music experience, compared to 53% among non-attendees;
- 80% purchase a product from a sponsoring brand after the experience, compared to 55% among non-attendees; and
- 80% recommend brands that sponsor a live music experience to their networks, compared to 49% among non-attendees.
Marketers are now turning to experiential marketing events to reach their audiences and grow their brand reputation.
While Millennials are the most obvious group that have shown an immense interest not only in music but participating in a live venue especially. They love going to concerts and festivals and are developing lasting bonds with those brands they see at those events. More than 81% say the coolest brand experiences they’ve ever seen somehow involved music in a live setting and admitted that the most effective way for brands to connect with them is through a live music event.
What is not so obvious but becoming crystal clear, is that music events are not limited to younger audiences. In fact, nearly half of Boomers who attended an event last year are going to more events now than ever before.
A recent Harris poll found that Boomers are spending on average $640 on festival tickets per year and 91% felt that having “live experiences” such as concerts was an important part of leading a fulfilling life, and 44% said they were attending more events now than they had a decade ago.
According to the U.S. Census, 41% of the adult population in the US is already over 50 and for every 1 person who enters the 18 to 49 demographics, 9 will enter the 50+ demo. And it’s not only the population that is rising, Boomers hold 70% of the nation’s wealth, an estimated $2 trillion in annual spending power.
Reaching your audiences at a live music festival is becoming an imperative for long-lasting and trusted relationships that grow over time. A study conducted by AEG and Momentum Worldwide, found 93% of festival goers surveyed liked the brands that sponsored live music events and 80% said they were more likely to purchase a product after having had that music experience.
For companies the picture couldn’t be clearer, if you want to add a new level of coolness to your image, as well as elevate the trust, sponsor a music festival that not only targets your audience, but also reflects the promise and values of your brand.
