New white paper – North American Festivals: Routes to Success in an Evolving Market by AMR International and XLIVE
With the North American festivals market estimated at $7bn, event organizers are blurring event genres and turning to technology innovation to forge success. This is according to a new white paper released today by global strategy consultancy AMR International and event organizer XLIVE.
Titled North American Festivals: Routes to Success in an Evolving Market, the online white paper provides for the first time an in-depth analysis into this highly fragmented and complex market.
Denzil Rankine, Executive Chairman, AMR International explains, “More organizers are blending segments and using technology to appeal to broader demographics, therefore generating new revenue streams and improving visitor stickiness. For example, organizers are adding live music to a food festival or film screenings to a music festival.
“Technology is being used for example to streamline payments, reduce waiting times and provide organizers with crucial insights needed to curate content in line with evolving customer trends. This allows organizers to create a far more compelling experience for visitors while increasing the festival’s attractiveness to sponsors.”
Outlook for the North American festivals market
- The market is expected to further polarize as the gap between large and small festival organizers widens, driven by economies of scale
- Larger organizers are spearheading technology adoption, contributing to forecast growth of the $6bn global event management software market of 9% CAGR to 2020
- If faced with revenue or cost shocks, small festivals that fail to differentiate or diversify will exit the market. This will likely be balanced by new entrants looking to capture market growth
- Future growth will vary by segment and genre maturity, along with evolving visitor taste. The booming growth of eSports festivals is noticeable, having registered 46% CAGR between 2015-17, with growth projected to continue at 29% CAGR up to 2020.
Denzil concluded, “AMR and XLIVE produced this white paper on North American festivals because there was a lack of research on the segment. Although focused on the US market, all event organizers will find this valuable reading as the major trends, challenges and opportunities in festivals play out across the global events industry.”
North American Festivals: Routes to Success in an Evolving Market is now available as a free download.
About AMR International
AMR International is the world leader in strategy consulting for the events industry. This incredibly diverse and highly profitable industry is facing unprecedented change, as attendees expect a more connected and compelling experience. AMR’s role is to create lasting value for its clients, while guiding the transformation of the events industry. AMR supports every aspect of event and organizer transformation, from group and market entry strategy, acquisition search, commercial due diligence and performance improvement through to pricing, digital strategy, and data analytics.
XLIVE is transforming the way live events share expertise, learn and revolutionize experience. XLIVE convenes industry leaders at the intersection of music, sports, film, culinary, beverage, eSports, technology, brands and the experiences that culminate at festivals and live events. Driven by a thirst to provide unique, memorable and life changing experiences, the live entertainment industry represents a dynamic and influential community valued over $100 billion.