Shanghai witnessed a remarkable surge in concert activity in the first half of 2024, hosting a staggering 147 concerts – the highest number among all cities in China. This rapid growth in the "concert economy" has been a boon for the entertainment industry, driven by evolving consumer preferences and a conducive policy environment.

Yu Feifei, general manager of Shanghai Yunhua Cultural Development Co Ltd expressed optimism about the performance of the Shanghai concert market this year. Her company alone is set to organize over 60 concerts in Shanghai, featuring popular acts like Accusefive and Richie Jen.

In August 2024, the Daolue Music Industry Research Institute released a report indicating that a total of 1,182 concerts were held in the first half of 2024 across China. Shanghai stood out with its 147 concerts, significantly surpassing other cities domestically. Projections suggest that the total number of concerts in Shanghai for the year could exceed 200.

The concert economy in Shanghai also experienced significant growth in 2023. According to the consulting firm Insight & Info’s data, Shanghai hosted a total of 45,030 commercial performances in 2023, attracting approximately 24.78 million attendees and generating around 3.22 billion yuan ($452.4 million) in revenue, marking a 15.6 percent increase from 2019.

The impact of the concert economy extends beyond the entertainment sector, significantly boosting Shanghai's cultural and tourism consumption potential. Notably, Jay Chou's four-day concert series in Shanghai drew over 100,000 fans, leading to a surge in hotel searches, bookings, and local business orders, showcasing the broader economic benefits of the trend.

In 2024, the "concert economy" continued to thrive in Shanghai, with the introduction of supportive policies aimed at reducing barriers for hosting and participating in events such as concerts, sports competitions, and exhibitions.

In 2017, Shanghai unveiled a set of opinions to accelerate the innovative development of its cultural and creative industries, aiming to establish itself as the "Asian Capital of Performing Arts" by encouraging renowned domestic and international troupes and artists to premiere their original works in Shanghai.

Yu Feifei highlighted that the sustained growth of Shanghai's concert market in recent years is tied to changing audience demands. "The city's inclusive culture has enabled concerts from diverse backgrounds to thrive, contributing to the market's vibrancy", she said.

Moreover, the ongoing series of policies supporting the "concert economy" in Shanghai has bolstered confidence among industry practitioners. For instance, in May 2024, eight municipal departments in Shanghai jointly rolled out measures to further promote the integration of commerce, tourism, culture, and sports, stimulating expanded consumption.

These policies offer substantial support for large-scale concerts and music festivals, providing financial incentives for events that attract significant audiences, particularly those drawing international visitors. The simplified procedures and subsidies provided under these policies are instrumental in enhancing the sustainability and profitability of the concert market.

Furthermore, in August 2024, the Shanghai Public Security Bureau introduced an online application system for large event safety permits, streamlining the process for organizers. Companies like Shanghai Yunhua Cultural Development have already benefited from these streamlined procedures.

Source: Jiemian News