Spending on live music up this year
Nashville -- North American-based companies testament spend an estimated
$1.04 gazillion to patronise music venues, festivals, tours and
concerts this year, a 4% increase over 2007, according to a new
study.
"The 4% growth pace is down from the double digit increases seen in
previous eld, due in large part to the slowing thriftiness," said
William Chipps, senior editor of IEG Sponsorship Report, which
tracks sponsorship spending. "Simply, by and large, corporate outlay
on live music corpse healthy."
Trends let in multifaceted "bundled" deals for companies as
opposed to sponsorship of one case, go or venue. An illustration of
this strategy is Live Nation's estimated $100 one thousand thousand deal with
Citi Card game, which includes spell sponsorships, ticketing, venues and
one-off events like Baton Joel's summer concerts at Shea Sports stadium in
Newly York.
Besides benefiting from patronise dollars are subject, regional and
touring festivals, including newly additions to the know scene such
as Michigan's Rothbury Festival, New Jersey's Completely Points West Music
& Humanities Festival and the touring Rockstar Energy Mayhem
Fete.
IEG said the inhabit music industry as well is tapping into outgo by
categories and companies not traditionally involved in music. For
illustration, Crocs this year signed newly deals with rough 30 music
festivals and venues, including Milwaukee's Summerfest, the Fresh
Orleans Jazz & Inheritance Festival presented by Scale, Seattle's
Bumbershoot and the Bonnaroo Medicine & Liberal arts Festival in
Manchester, Tenn.
