Ireland’s appetite for live music saw revenues for the sector reach €243m last year, which is expected to grow further in the coming years — outpacing international growth.
International acts like Coldplay, who begin the first of four concerts in Dublin on Thursday, highlight the enduring appeal of live music here.
Their arrival comes shortly after Taylor Swift’s three-night run in the capital and the announcement this week of Oasis reuniting will kick off another frenzied rush for tickets when they go on sale this weekend.
A new report from PWC shows Ireland’s overall entertainment media industry is set to grow at an annual rate of 2.9% over the next four years, reaching €7.6bn by 2028.
PWC said this growth is primarily fuelled by increasing mobile internet services, continued growth in internet advertising, and video-on-demand subscriptions.
They said revenues in the live music sector grew by 23.5% last year as the country came out of lockdowns and covid-era restrictions.
PwC said the sector will grow at a rate of 2.8% annually and reach €279m in 2028.
This compares to a growth rate of 2.5% globally.
The revenues refer to concert ticketing and sponsorship and do not take into account further economic benefits of live music including hotel stays, bar/restaurant spending, and transport.
The report highlights the importance of in-person experiences such as live music and cinema as crucial growth industries.
Driven by large events such as musicians’ world tours, global live music revenues rose by 26%, accounting for more than half of the music market.
PWC’s report shows almost all entertainment sections continuing to grow including legacy sectors such as cinema and radio.
Internet advertising revenue will increase at a 9.5% between 2024 and 2028, reaching €1.8bn.
The fastest-growing market category is video advertising, which will see an increase of 11.5% over the forecast period to reach €185m by 2028.
Live concerts and world tours have long had a significant impact on city economies.
Swift’s Era’s tour began in March of last year and will conclude in December after 152 concerts in five continents making it the highest-grossing music tour in history, reaching over $1bn in ticket sales.
With tickets going on sale on Saturday for the reformed Oasis tour of England and Ireland next year, hotels have already been accused of gouging by increasing prices and even cancelling bookings by customers.