China Securities Network News (Reporter Lu Mengyun) On March 20th, Xiaolujiao think tank released the Research Report on the Market Development of China Music Festival in 2020-2024. According to the report, in 2023, excluding the postponed/cancelled music festivals, the number of music festivals actually landed reached 560, setting a record for the music festival market. In terms of market share, Modern Sky, Tencent Music and Xiaofeng Music Commune ranked first, second and third respectively in the market. In 2023, the three provinces that landed the most in China were Zhejiang, Shandong and Guangdong, and the cities of the three major music festivals were Qingdao, Hangzhou and Chengdu.
According to the report, China Music Festival has experienced a high-speed development stage of marketization, during which independent music, subculture and band culture flourished. The development of the music festival towards immersion, multi-scene and cross-field not only broadens the development space of the music industry itself, but also further enriches the development format of the cultural tourism industry and becomes the object of capital pursuit. Before 2020, the highest record was 269 games in 2017. In 2021, 191 music festivals were held, which is close to the market stage in 2016. However, by 2023, excluding the postponed/cancelled music festivals, the actual number of music festivals actually reached 560, with an alarming growth rate, setting a record for the music festival market.
Judging from the market share, Modern Sky has been ranked first for many years, holding the IP Strawberry Music Festival and the new IP M_DSK Music Festival. In 2023, it reached a record high/hosted 24 music festivals, with an offline audience of nearly 700,000 people. Due to the low concentration of the music festival market, Internet platforms such as Tencent Music, Tik Tok, Xiami Music and Netease are accelerating their layout, incubating their own music festival IP, and the brand main music festival has become a new force to be reckoned with in the market in recent years.
In 2023, the market share of Modern Sky, Tencent Music and Xiaofeng Music Commune ranked first, second and third respectively in the market, and new youth, creative entertainment without boundaries, midi music, after-school hi and Manghe music entered the top ten music festival organizers array. From 2020 to 2022, Modern Sky ranked first, Midi Music and Xiaofeng Music Commune ranked second and third respectively.
In 2023, the May Day and the Eleventh Golden Week are the golden periods of intensive music festivals, including 47 music festivals during the May Day period and 54 music festivals in the Mid-Autumn Festival/Eleventh National Day.
In 2023, the three provinces that landed the most in China were Zhejiang, Shandong and Guangdong, and the cities of the three major music festivals were Qingdao, Hangzhou and Chengdu. The spread of music festivals to cities along the 4th and 5th lines has been a trend for many years. At present, it is sinking further into local scenic spots, counties and towns with cultural tourism. In 2023, there were 124 music festivals in cities along the 4th and 5th lines and below, which was second only to the scale of new first-tier cities (159) in total.
In 2023, the single-day regular-price tickets for the music festival are concentrated between 300-800 yuan, and the VIP tickets are between 600-1400 yuan. In terms of the types of music festivals, rock, rap, folk, pop, jazz, and electronics go into battle together, and the comprehensive/diversified music festivals with integrated styles account for the vast majority. Among the vertical music festivals, rap/trend is the most, with a total of 31 music festivals throughout the year.
According to the report, in just over two months in 2024, there have been more than 50 music festivals officially announced, and Modern Sky officially announced the 10-city plan. It is estimated that the competition in the first half of 2024 will be even more fierce than that in 2023. In the first half of this year, it is expected that more third-and fourth-tier cities in East China and South China will have plans to hold music festivals. Fans’ consumption has returned to rationality, and the organizers are fighting for a lineup of scarce artists, diversified live experience content, the ultimate cost performance and the Internet announcement strategy. Organizers are shopping, and the market will experience a new round of reshuffle in 2024.
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