🎥 This fast growing Travel Trend will surprise you ! 👀🕺💃🏻

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This fast growing travel trend has a connection to the Entertainment Industry.

Usually, I dedicate my attention to crucial matters within the media and entertainment industry that can significantly influence the sector as a whole. However, today I would like to share an intriguing trend that is gaining momentum in the post-COVID world.

It appears that individuals are now travelling across different regions to attend entertainment shows. You might already be aware of the global concerts featuring renowned artists such as Beyoncé, Madonna, and Taylor Swift. These singers are commanding artist fees close to a billion dollars, which undoubtedly stands as a substantial sum.

This headline instantly grabbed my attention, considering it has only been a couple of years since the world emerged from the clutches of the Covid pandemic and its accompanying restrictions. It's astounding to witness the surge in admiration for outdoor entertainment events, propelling Concert Tourism or Music Tourism to become the most rapidly growing travel trend worldwide!

Even prior to the pandemic, concert tourism had it’s fervent followers, but in the post-pandemic era, it has evolved into an all-consuming passion for countless music enthusiasts. The power of music artists to attract colossal crowds has transformed them into economic forces capable of substantially influencing the spending patterns of the cities they grace with their tours.

A recent illustration of this awe-inspiring trend unfolded with the announcement of Taylor Swift's highly anticipated The Eras Tour in Australia. Fans of the beloved artist were sent into a whirlwind of excitement, scrambling to secure those coveted tickets. However, the initial limited batch of tickets for Swift's February 2024 tour Down Under swiftly sold out, leaving eager fans to seek alternative sources with inflated price tags. The demand reached unprecedented heights, with buyers willingly paying more than double the original price. In fact, resold VIP ticket packages originally priced at $1,250 were fetching an astonishing $3,114! Music tourism is playing a significant role in driving the phenomenon of sold-out concerts and tickets companding such high premium.

Let’s look at the data:-

Source-https://www.futuremarketinsights.com/reports/music-tourism-sector-preview-and-analysis

The above chart illustrates the revenue generated from ticket sales (dark blue) compared to sponsorships (sky blue) in the live music events industry, and it comes as no surprise that ticket sales have been steadily increasing.

Impact

Boost to the Local Economy: Music festivals and live performances create numerous economic opportunities for local businesses. From hotel bookings and local transportation to food and beverage sales, as well as merchandise purchases, visitors travelling from outside the area for music concerts inject money into the local economy. This leads to job creation, higher tax revenues, and overall economic growth.

Infrastructure Development: Hosting large-scale music festivals requires extensive planning. These events attract crowds of over 50,000 attendees at once, necessitating the presence of large stadiums, amphitheatres, improved connectivity, and well-developed road infrastructure to ensure smooth transportation. Additionally, hotels and shopping arcades are often enhanced or built to accommodate the influx of visitors.

Let's delve into the reasons behind the remarkable growth of this sector:-

Social Media and Cross-Cultural Communication

Social media has revolutionised the way information spreads across nations and geographies. News about events and activities can now travel rapidly worldwide. For instance, the world became acquainted with K-pop culture through social media. Information about Beyoncé's world tour, which began on May 10, 2023, at Friends Arena in Stockholm, Sweden, had already circulated extensively prior to the first show. The tour was announced on February 1, 2023, and thousands of people from outside Sweden had already booked their tickets.

The Rise of Social Influencers

Social media influencers have played a crucial role in the growth of music tourism. Their desire to create content related to travel, leisure, and shows has provided significant exposure to these events, generating increased desirability among their audiences.

Conclusion

As the music tourism sector continues to flourish, it brings not only joy and entertainment to music enthusiasts but also substantial economic benefits to local communities and infrastructure development. The global reach and impact of music events highlight the power of music in transcending borders and bringing people together in shared experiences of celebration and enjoyment.

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Which is the longest Hollywood movie ever made?

Hint:-

Answer of the last week’s quiz:

Q-What’s the name of the first Horror movie ever to win an Oscar Award?

A-The Silence of The Lambs

News Buzz !

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Thanks for reading and see you next week!

Vipul