Over the past 7 month the ticketing industry has experienced one of the most destructive periods of time perhaps of all time. A booming live entertainment industry with a growth rate of 8.5% every single year, came to a halting stop almost overnight. For us as brokers this was a traumatic event as almost all events were now cancelled or postponed further ahead than any of us could have ever expected. And now many people are asking themselves... when are concerts coming back, when are sports coming back? Let's find out.
The abrupt freeze of the ticketing industry impacted many groups of people, here are just a few to consider:
- Ticket Brokers
- Venue workers
- Venue owners
- Food and concessions
The list goes on and on. But I am not here to tell you what we all already know. What we can do now is look forward and prepare for the future.
The light is finally starting to shine at the end of the tunnel. With so many people affected by the Corona virus, people are eager to get back to work and back to live entertainment. From sport franchises who make 33% of their income from ticket sales (more than any other segment) to music artists who make the VAST majority of their income from live event ticket sales. Everyone is pushing for live events to come back, and when things do finally open their will be a tremendous amount of events that will flood the market creating huge opportunities for ticket brokers.
Let's take a look at some recent positive news and get a better understanding for when events will be fully back.
- MLB is allowing approximately 11.5k per game.
- Fans allowed for the NLCS and World Series.
- Florida has begun allowing teams to fill the stadiums with no restrictions.
- It has been announced that the Florida governor expects the super bowl to be filled in 2021 in Tampa.
In addition many football teams are beginning to allow stadiums to open with limited capacity. NFL team that have allowed fans are the following: Steelers 7.5k, Chiefs 16k, Texans 13.3k, Dolphins 13k, Cowboys 20k, Saints 18.5k. Buccaneers and Jaguars 16k and the Browns with 12k fans.
With all this being said we expect live events to begin coming back during the 2020 holiday season and catching more momentum over spring and summer time of 2021. We are expecting a full return to normalcy by fall of 2021 but in the mean time there will still be a lot of live events, just with more restriction than many people are used to.
Many concerts have already been scheduled and are currently being added for 2021. One of the largest artist first going on tour will be Justin Bieber scheduled for June 2021. This should serve as a good indicator for other large artist but Justin Bieber
Furthermore, Coachella, Stage Coach, and Bonnaroo are all scheduled for fall of 2021.
Although we don’t know when covid will go away entirely. We think the most important thing in the industry comes down to learning how to adapt with covid. The tickets industry is beginning to adjust to the new norm. Limited capacity seating, pod seating and temperature checks, mask wearing and additional social distancing measures in place. I don’t think we will be seeing mosh pits any time soon. But the the live entertainment industry is coming back and will be strong than ever.
People are ready to get back to their lives and the fervor is growing. Brokers must remain patient but also prepared to jump on the opportunities coming ahead.
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