2020 will be a year to remember, when the global touring industry faced its toughest challenges but came out the other side with new innovative business models.
The global concert industry has historically been a very healthy business. Prior to the onset of the COVID-19 pandemic in March 2020, every major indicator showed that touring was on pace to set a record in terms of economic activity.
For instance, a 2019 report titled The Global Entertainment & Media Outlook 2019–2023—commissioned by PricewaterhouseCoopers (PwC)—noted that live music ticket sales would increase at a compound annual growth rate of 3.33% from 2018 to 2023, from $21.256 billion in 2018 to $25.036 billion in 2023. These estimated figures became even more realistic after the 2019 touring year closed out with historic ticket movement and gross earnings across a variety of arena tours.