Risky Business
Terms like virtual reality and augmented reality have been the big buzzwords of the last few years . However , for all the attention that ‘ virtuality ’ has garnered , consumers instead have shown that they prefer to actually ‘ be there ’ in the moment , at the center of any number and type of live events . There has been a tectonic and well-documented shift in consumer values in the last several years away from things and towards experiences that generate a sense of happiness and well being . Spending on a variety of types of experiences , like travel , leisure and food service are projected to rise to an astounding $ 8 trillion by 2030 globally .
Within this massive movement is a core trend : the growth in popularity and value of the live event . From concerts and cultural events ( think Burning Man ) to sporting events , from corporate conclaves to brand messaging affairs ( Apple has raised these to a fine art ), being a participant of the live event , as a fan in the stands or a concertgoer in the club , has supplanted material accumulation as that which we as a society aspire to . Live experiences offer a sense of community and a level of authenticity that virtuality likely never will . This shift has translated into very big business . Music concerts now generate over $ 28 billion in revenue annually . Research from the Center for Exhibition Industry predicted trade-show events would grow by 2.4 percent globally . In the U . S ., the world ’ s largest market for live events , revenue from events of all types is expected to show an annual growth rate ( CAGR 2018-2022 ) of 8.8 percent , resulting in a market volume of $ 16.7 billion in 2022 , with sports the sector ’ s largest single segment , with a market volume of over $ 4 billion in 2018 .
Looming Shadows
Not surprisingly , all of this positive news is shadowed by some serious concerns , and the music industry in particular serves as a canary in the coal mine . Several notable music events were turned into disasters in recent years due to terrorism and active shooters : the 2015 attack on musicians and attendees at the Bataclan in Paris during an Eagles of Death Metal show , a bombing in Manchester , U . K . at an Ariana Grande concert in 2017 ; and the devastating attack in Las Vegas later that same year in which 58 were killed and 851 injured when a lone shooter opened fire from a hotel perch , taking aim at those at the Route 91 Harvest Music Festival .
2 Risky Business