Festival Market SWOT

Festival Market Analysis

Strengths
Increased audience demand led through supply growth
Consumer demand for music still high with increased spending in 2009 on music downloads and concert tickets predicted by PRS
New technology in the form of music mobile phones are strengthening music links
Higher consumption of music led through online platforms with music portfolios being created around major music events
Growth in number of festivals available driving its own demand
Online purchasing removes hassle
Technological advances increasing ease of ‘festival-life’

Weaknesses
High cost of tickets
Economic pressures exerted upon consumers
Changing audience profile due to changes in population demographics

Opportunities
Online viral capabilities to increase ‘chatter’ around music events
Free publicity through news feeds on social networking sites
Growth in older population with more disposable income and time

Threats
Lower non-essential consumer spending due to tightening household finances
‘in-concert’ content: Live content broadcast or pre-recored being made available at ease to the consumer via the internet or television removing the need to be at the event
Peer to peer sharing of live music event recordings
Fragmented festival scene with ‘nicher’ and ‘lifestyle’ festival brands appealing to less-mainstream demographics