New report from AEG unveils the unparalleled power of live music and events in the UK
- 46% of live music fans prioritise spending on live entertainment even during times of economic uncertainty
- Feelings of excitement (70%), joy (63%) and even euphoria (32%) make fans unwilling to cut live event expenditure
- The halo effect has seen one in two fans make a purchase decision based on a brand’s association with a live music event
- Consumer attention at live events greater than when speaking with family and friends
As a nation of live entertainment fanatics1, nearly half (46%) of live music fans2 prioritise spending on live entertainment, even during times of economic uncertainty. Consumers are unwilling to forgo opportunities to feel positive emotions, like joy and excitement, and make lasting memories.
According to The Live Effect – a new report from AEG Global Partnerships, the sponsorship arm of the world leader in live sport and entertainment, which investigates the power of live music for consumers and brands in the UK – only one in five (22%) would cut live entertainment if they needed to reduce their spending due to financial pressures. Consumers are more likely to cut spending on luxury grocery items (41%), dining out (31%), fitness memberships (30%) and even international holidays (30%) to hold onto live experiences.
Among dedicated live music fans, who have attended at least six shows in the past three years, only 16% would give up live entertainment – ranking it 13th out of 14 categories on the chopping block and highlighting the value music-loving consumers place on live events.
The feel-good factor
Strategy experts from AEG’s Global Partnerships division put the inclination to prioritise live events down to the impact of positive emotions. Anticipation builds from the moment of booking, with 59% feeling highly excited when purchasing live music tickets – second only to booking a holiday (70%).
When attending events, music fans feel excitement (70%), joy (63%) and even euphoria (32%). Many also feel a sense of freedom (35%), inspiration (35%) and nostalgia (34%). For all but 2% of fans, these feelings extend far beyond events themselves, with around one in five (22%) agreeing that the positive emotions become lasting memories.
Halo effect
Positive emotions and cherished memories ensure that live music remains a high priority despite economic instability and high inflation, but they also create a halo effect for brands who can elevate experiences. Nearly half (49%) of fans have made a purchase decision based on a brand’s association with a live entertainment event, increasing among traditionally hard-to-reach Gen Z and Millennials consumers (73% and 65% respectively).
Heightened emotions at live music events also impact attention. The Live Effect reveals that fans’ attention at live music events (rated an average of 8.10 on a scale of 1-10) is greater than when talking with family and friends (7.62), watching a movie in a theatre (7.51) or browsing social media (5.70), allowing partner brands to land messages more effectively and build deeper connections.
Seven in ten (70%) say they have felt ‘at home’ among people who understand them at a live music event, while 63% report making an immediate connection with strangers. Remarkably, half (53%) even feel more understood by fellow fans than by people in their everyday lives.
Paul Samuels, President – Global Partnerships at AEG International, said: “In times of economic instability, sometimes we need a little joy and excitement in our lives, which is why so few fans are prepared to curb their spending on live entertainment in the face of financial hardship. Brands that can elevate fans’ experiences through authentic activations can harness the halo of the positive emotions and heightened attention to shift perceptions, increase consideration, boost sales and build lasting relationships with niche or hard-to-reach groups of consumers.”
For more information on AEG’s The Live Effect report, visit: AEG Global Partnerships
1 79% of fans agree that live music creates a sense of community that digital entertainment cannot match.
2 For the purposes of the study, live music fans were defined as consumers who have attended at least one live music event in the past three years (60%).
