The Economic Impact of Concerts and Music Festivals on the Region Where They Are Performed

With the end of COVID-19, the music performance industry is slowly recovering, with the most prominent growth in concerts and music festivals. With the development of online sphere, concerts and music festivals have become a more popular trend. In this social environment, concerts and music festivals are more closely connected with the economy and gradually become a way to attract tourists and activate the tourism economy. The purpose of this paper is to study the economic impact of concerts and music festivals on local performance, including the questionnaire data and analysis collected by the author. The research conclusion is that the psychology of fans is an important driving force to promote concerts/music festivals in different places. The popularity and influence of the performance guests are important factors in attracting local and remote audiences. High-income individuals tend to attend concerts/music festivals, and they are the main consumer group for these events, thus driving local economic development through related consumption. Finally, based on the above conclusions, the corresponding three suggestions are given in order to further flourish the music performance industry.