Analysts predicted a drop in concert industry revenues to the level of 2017
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The concert industry in Russia will roll back in terms of income five years ago. About it writes Kommersant with reference to a study of the Moscow music market, prepared by the Technologies of Trust company (formerly PwC in Russia) and the K22 creative bureau.
According to the data, in 2022 the income of the concert industry in Russia will fall to the level of 2017. Analysts explain that this will happen due to the low marginality of concert activity (2-5%) and the loss of income from performances of foreign artists against the backdrop of sanctions. The authors of the study do not provide absolute figures. However, the music market in Moscow is estimated at half the Russian market. It is also noted that some labels and aggregators are represented only in the capital of Russia.
Analysts are much more optimistic about the market for music streaming services. According to their estimates, the industry can grow by 20-25%. Departure from the Russian market of Spotify and problems for some users with paying for a subscription to Apple Music can play into the hands of domestic services.
However, their growth will be hampered by piracy, analysts say, as foreign labels have stopped sharing music premieres in Russia. So, against the backdrop of the suspension of the work of Universal Music Group, Sony Music and Warner Music Group in the country “Yandex.Muzyka and VK Muzyka have already lost some foreign musical novelties. However, Yandex.Music told the newspaper that they were working on solving this problem.
After the start of Russia’s special operation in Ukraine, a number of foreign artists and labels canceled concerts in Russia and restricted access to new music for Russians. In particular, Imagine Dragons, Imagine Dragons, Green Day, Slipknot, musicians Bjork, Tom Odell and other artists refused to give concerts in Russia. Also, a number of Russian performers do not plan to perform in the country, including Face (recognized as a foreign agent), Noize MC, Oxxxymiron and Zemfira.
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