As concern grows about a possible plateauing of demand for live music, new information revealed by PRS for Music indicates that live revenues dropped by 6.7% during 2010.
The data was disclosed during a presentation by PRS for Music senior economist Chris Carey (pictured) at the recent Great Escape Festival in Brighton.
The decline follows a decade of sustained growth that saw income increase by 9.4% in 2009 and 13% in 2008. Calculation of the latest data was based solely on the value of primary ticket sales and will be followed by a more detailed analysis later in the year.
According to Carey and Will Page’s Adding Up the UK Music Industry for 2009 report, live constitutes 40% of the value of the UK business, with the balance made up of recorded (35%) and B2B revenues (25%). Figures for 2010 are due to be issued in August.
Despite signs of a market decline, Carey insists that he is “optimistic about the future of live music. There was a shortage of big name acts touring last year but this is set to change in 2011. The live market is cooling to a more sustainable growth path and this fall is not a disaster, just a blip.”
In exploring the outlook for recorded music, Carey cited an 11% drop in trade value for 2010 (source: BPI), but drew some comfort from a number of individual runaway success stories.
In 2011, said Carey, “the role of supply on the high street is going to be critical. The incredible success of Adele in the early stage of the year, at home and abroad, is very encouraging.”