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The Concerts and Live Entertainment Industry A Significant Economic Engine Economic & Fiscal Impacts CONTENTS Executive Summary Project background & key findings Nationwide Industry Direct Impacts Venue operatoinal spending & off-site attendee spending Economic Impact Methodology Impact model framework Nationwide Economic Impact Findings Nationwide economic and fiscal (tax) impacts Industry Comparison Comparison of the concerts and live entertainment industry to other major industries Economic Impacts by State State level economic impacts: Total output (business sales) and jobs impacts per capita Fiscal (Tax) Impacts by State State level fiscal (tax) impacts: Total tax revenues generated per household Economic Impacts by Metro Area Total business sales and jobs impacts for top 25 metro areas Fiscal (Tax) Impacts by Metro Area State & local and federal tax impacts for top 25 metro areas Appendix 04 08 14 16 20 22 24 26 28 30 4 5 EXECUTIVE SUMMARY We all remember our first concert or seeing your favorite band live, but rarely do people think of the stagehands, lighting techs, and ushers that worked hard to deliver these memorable experiences or the impact they have on our local, state, and national economies. In order to better understand the economic impact this important industry has across the United States, Oxford Economics developed a customized framework to analyze the impact of the concerts and live entertainment's nationwide economic contributions in 2019 and conducted an in-depth analysis of the economic impacts of live event venues, artists, and visitor spending in terms of economic output, labor income, taxes, and jobs. Due to the pandemic putting a pause on live events in 2020, this report examined 2019 data to ensure a complete analysis could be conducted that is in line with regular performance of the industry. The report affirms that the Concerts and Live Entertainment Industry is a significant economic engine in the United States, and the report’s key findings revealed that: • In 2019 the industry’s total nationwide economic impact of $132.6 billion supported 913,000 total jobs with associated labor income of approximately $42.2 billion. • The industry generated a direct impact of $55.2 billion in 2019, which included local operational spending by live events venues and off-site spending by out-of-town live event attendees. • If an out-of-town attendee were to spend $100.00 on a concert ticket, the local economy would benefit from an additional $334.92 in spending, resulting in a total spending impact of $434.92. • Overall, the concerts and live entertainment industry generated a total fiscal impact of $17.5 billion in 2019, including nearly $9.3 billion in federal tax revenues and $8.3 billion in state and local tax revenues. The industry drives significant economic The concerts and live entertainment activity that supports businesses, industry, as defined by this report, includes households, and government finances all live musical performances, such as across the United States. In the wake of festivals and concerts, and comedy shows COVID-19, live events were shut down held in amphitheaters, clubs, theaters, for over a year. Beyond the cultural loss arenas, stadiums, and other venues. involved, the US economy has incurred Not included in this analysis are theater, massive losses in GDP, employment, Broadway, sporting events, and family household income, and tax revenue due shows. to the absence of live events. After a year of isolation, many crave getting back to enjoying memorable live experiences safely in 2021 and into the 2022 and 2023 seasons, which position the industry for growth in the coming years. 6 7 EXECUTIVE SUMMARY SUMMARY ECONOMIC IMPACTS The concerts and live entertainment industry's direct spending impact of $55.2 billion (which included venue operational spending and off-site spending by outof-town event attendees) generated a total economic impact of $132.6 billion in the national economy. This total nationwide economic impact of $132.6 billion supported 913,000 total jobs and generated $17.5 billion in federal and state and local tax revenues in 2019. $132.6 BILLION Total Nationwide Impact of the Concerts and Live Entertainment Industry CONCERTS AND LIVE ENTERTAINMENT INDUSTRY ECONOMIC IMPACTS (2019) $132.6B Total Economic Impact 913,000 Total Jobs Generated $17.5B Total Tax Revenues 8 INDUSTRY DIRECT IMPACTS VENUE OPERATIONAL SPENDING & OFF-SITE ATTENDEE SPENDING LIVE EVENT VENUES LOCAL OPERATIONAL SPENDING Live event venues throughout the US spent an estimated $22.6 billion on operational expenses in 2019. Operational expenses include spending on items to maintain daily operations, including payroll, production services, legal services, marketing, catering, security, maintenance, and other professional services. LIVE EVENT OUT-OF-TOWN ATTENDEES VISITOR TYPES AND VISITOR SPENDING Concerts and live events welcomed a total of 142.9 million out-of-town attendees, which included 67.3 million daytrip attendees and 75.6 million overnight attendees. Off-site spending by live event attendees who live in the local communities of the respective venues was excluded from the impact analysis since the money spent by these local attendees would have been spent elsewhere in the economy even if they had not attended live events. Based on this assumption, the impact analysis only includes off-site spending by non-local attendees who traveled from out of town to attend live events. Spending by local attendees on items such as tickets and merchandise at live event venues is captured in live event venues' operational figures. Note: Estimates of out-of-town visitors and off-site spending are based on data from Longwoods International's tracking survey study of American travelers who attended concerts and live events in 2019. The distribution of local live event attendees and outof-town attendees is based on actual ticket sales data provided by Live Nation for venues throughout the US. 9 The figure below presents the incremental, non-local attendees that attended live events in 2019. These non-local event attendees spent money at live event venues and also at off-site establishments during their stay in the respective local economies of live event venues, including local restaurants, hotels, and retailers. Non-local daytrip attendees spent $4.9 billion, and non-local overnight live event attendees spent $27.7 billion during their trip to watch a live event, resulting in a total of $32.6 billion in spending by out-of-town live event attendees in 2019. OUT-OF-TOWN LIVE EVENT ATTENDANCE BY VISITOR TYPE 142.9M Non-Local Overnight Attendees 75.6 million (53%) Non-Local Daytrip Attendees 67.3 million (47%) Out-of-Town Attendees 10 ATTENDEE SPENDING In 2019, out-of-town overnight and daytrip live event attendees spent a combined $32.6 billion at businesses and establishments in the respective local economies of live event venues, including local restaurants, hotels, retailers, and recreation / entertainment venues. $32.6 BILLION Spending by Out-of-Town Overnight & Daytrip Live Event Attendees $8.0B LODGING Hotels, motels, private home rentals $6.7B TRANSPORTATION TO VENUE Transportation costs to travel to the live event venue destination $5.5B RECREATION Entertainment/performance venues, theaters, amusements, and other recreation $5.2B FOOD & BEVERAGE Full-serivce restaurants, fast food, conveinence stores, $4.2B RETAIL Souvenirs, general merchandise, malls, local retailers $3.1B LOCAL TRANSPORTATION Local transportation costs within the live event venue destination (taxis, buses, parking, public transportation) 11 SUMSMUMARMYARY DIRDEICRTECIMTPIMACPTASCTS The concerts and live entertainment industry generates significant economic The concerts and live entertainment industry generates significant economic impacts as live event venues spend money in the local economy to sustain impacts as live event venues spend money in the local economy to sustain venue operations, including spending on payroll, marketing costs, legal services, venue operations. Total venue operational spending amounted to $22.6 billion in and professional services. Total venue operational spending amounted to $22.6 2019. billion in 2019. In addition, out-of-town event attendees spend money while attending live events In addition, out-of-town event attendees spend money while attending live events and frequent off-site establishments during their stay in the local economies of and frequent off-site establishments during their stay in the local economies of live event venues, including local restaurants, hotels, retailers, and recreation/ live event venues, including local restaurants, hotels, retailers, and recreation/ entertainment venues. entertainment venues. In 2019, live events welcomed 142.9 million non-local attendees who traveled In 2019, live events welcomed 142.9 million non-local attendees who traveled from out of town to watch live events. These non-local attendees spent $32.6 from out of town to watch live events. These non-local attendees spent $32.6 billion at local businesses and establishments while attending live events, billion at local businesses and establishments while attending live events, including $4.9 billion in spending by non-local daytrip attendees and $27.7 billion including $4.9 billion in spending by non-local daytrip attendees and $27.7 billion in spending by non-local overnight event attendees. in spending by non-local overnight event attendees. Total direct spending associated with the concerts and live entertainment Total direct spending associated with the concerts and live entertainment industry amounted to $55.2 billion in 2019. industry amounted to $55.2 billion in 2019. $55$.525B.2ILBLIILOLNION Total CToontcael rCtosnacnedrtLsivaendEnLtievretaEinntmeretnatinImndeunsttIrnydustry Direct DSiprenctdiSnpgenImdipnagctImpact $22$.622B.6ILBLIIOLLNION Live EvCeonntcVeernt u&eLsi'vLeoEcvael nOtpVeerantuioens'aLl oScpaelnOdpinegrational Spending $32.6 BILLION $32.6 BILLION Off-site Spending by Out-of-Town Live Events AttendOefefs-site Spending by Out-of-Town Live Events Attendees 12 FAR-REACHING IMPACTS OF A CONCERT TICKET In a hypothetical situation where an out-of-town attendee purchases a $100.00 live event ticket, local businesses would benefit from additional impacts as the out-oftown attendee spends money in the local economy. In addition to the hypothetical $100.00 ticket cost, an out-of-town attendee would spend an additional $334.92 in the local economy, including the following purchases: $55.69 Transportation Costs to Travel to the Live Event Venue Destination $26.21 Local Transportation Costs within the Live Event Venue Destination On-site purchases at live event venue • $62.24 on concessions, merchandise, and parking at the live event venue Off-site purchases in the local economy • $55.69 on transportation costs to travel to the live event venue destination • $26.21 on local transportation costs within the live event venue destination • $43.16 on food and beverage • $35.31 on retail • $45.62 on recreation • $66.68 on lodging $43.16 Off-Site Food and Beverage Purchases $35.31 Off-Site Retail Purchases $45.62 Off-Site Recreation and Entertainment Costs $62.24 On-site Purchases at Live Event (Concessions, Merchandise, Parking) $100.00 Sample Ticket Cost $66.68 Off-Site Lodging Costs 13 $434.92 If an out-of-town attendee were to spend $100.00 on a concert ticket, the local economy would benefit from an additional $343.92 in spending, resulting in a total spending impact of $434.92 14 ECONOMIC IMPACT METHODOLOGY Our analysis of the concerts and live entertainment industry's economic impact begins with direct spending (including local operating investment and out-of-town live event attendee spending) and also considers the downstream effects of this injection of spending into the local economy. To determine the live event industry's total economic impact, we input direct spending into a model of the national economy created in IMPLAN, which traces the full extent of industry impacts. IMPLAN is recognized as an industry standard in local-level input-output (I-O) models. An I-O model represents a profile of an economy by measuring the relationships among industries and consumers and produces estimates of the following components: 1. Direct impacts: Local operational spending by live event venues and off-site spending by nonlocal attendees create direct economic value within a discreet group of sectors (e.g. recreation, transportation). This supports a relative proportion of spending, jobs, wages, and taxes within each sector. 2. Indirect impacts: Each directly affected sector also purchases goods and services as inputs (e.g. food wholesalers, utilities) into production. These impacts are called indirect impacts. 3. Induced impacts: Lastly, the induced impact is generated when employees whose wages are generated either directly or indirectly by off-site spending and local operating investment, spend those wages in the local economy. IMPLAN calculates three levels of impact - direct, indirect and induced - for a broad set of indicators. These include the following: • Spending • Federal Taxes • Wages • State Taxes • Employment • Local Taxes 15 ECONOMIC IMPACT FRAMEWORK Direct Impacts Total Impacts RETAIL Indirect Impacts SALES ENTERTAINMENT/REC FOOD & BEVERAGE SUPPLY CHAIN EFFECTS > B2B GOODS & SERVICES PURCHASES > Induced Impacts GDP JOBS LOCAL TRANSPORTATION LODGING INCOME EFFECT HOUSEHOLD CONSUMPTION WAGES TAXES LOCAL OPERATIONAL SPENDING 17 CONCERTS AND LIVE ENTERTAINMENT INDUSTRY BUSINESS SALES IMPACTS ($ BILLIONS) NATIONAL IMPACTS BY INDUSTRY (2019) ECONOMIC IMPACT FINDINGS NATIONWIDE IMPACTS OF THE CONCERTS AND LIVE ENTERTAINMENT INDUSTRY NATIONWIDE BUSINESS SALES IMPACTS The concerts and live entertainment industry generated a direct impact of $55.2 billion in 2019, which included local operational spending by live events venues and off-site spending by out-of-town live event attendees. This direct impact of $55.2 billion generated $34.7 billion in indirect impacts and $42.7 billion in induced impacts, resulting in a total economic impact of $132.6 billion in the national economy. NATIONWIDE BUSINESS SALES IMPACTS $55.2B + $34.7B + $42.7B = Direct Indirect Induced Business Business Business Sales Sales Sales $132.6B Total Economic Impact Source: Oxford Economics (2021) Note: Totals may not sum due to rounding. The economic impacts attributable to the concerts and live entertainment industry are far reaching, as a number of industries benefit from direct, indirect, and induced spending impacts. As shown in the accompanying table, the majority of sales occurred in the recreation and entertainment industry, totaling $32.4 billion. Additional, significant benefits accrued to other industries, including the FIRE (finance, insurance, and real estate), business services, lodging, manufacturing, and food & beverage industries. 18 ECONOMIC IMPACT RESULTS NATIONWIDE JOB & LABOR INCOME IMPACTS The concerts and live entertainment industry's total nationwide economic impact of $132.6 billion supported 913,000 total jobs with associated labor income of approximately $42.2 billion in 2019. Refer to the Appendix for additional details on job and labor income impacts by industry. $132.6B Total Economic Impact 913,000 Total Jobs Impact (Full-Time & Part-Time Jobs) $42.2B Total Labor Income Impact 19 FISCAL IMPACT RESULTS NATIONWIDE TAX REVENUES The economic impacts attributable to the concerts and live entertainment industry generated significant fiscal (tax) impacts as they cycled through the economy. Overall, the concerts and live entertainment industry generated a total fiscal impact of $17.5 billion in 2019, including nearly $9.3 billion in federal tax revenues and $8.3 billion in state and local tax revenues. $17.5B Total Tax Revenues $9.3B Federal Tax Revenues $8.3B State & Local Tax Revenues 21 INDUSTRY COMPARISON GROSS OUTPUT (SALES) BY INDUSTRY (2019) INDUSTRY COMPARISON HOW DOES THE CONCERTS AND LIVE ENTERTAINMENT INDUSTRY COMPARE TO OTHER INDUSTRIES? As previously outlined, the concerts and live The concerts and live entertainment entertainment industSrypgeennedraintegd abdyirOecut t-of-Toinwdnustry generated less direct sales than impact of $55.2 billioOn vinetrhne iUgShint 2&01D9a. ytrip LiivndeusEtvrieesnstuch as water transport, the US The accompanying tAabtletecnomdpeaeress the live sports industry, electronics and appliance event industry's $55.2 billion direct impact stores, and printing and recorded media. to the gross output (business sales) of select US industries in 2019. As shown, the concerts and live entertainment industry generates more sales than a number of major industries, including the organic food industry, museums and historical sites, theme parks and amusements, the cosmetic and beauty industry, and agricultural machinery. Sources: Oxford Economics, US Census Bureau, American Alliance of Museums, Organic Trade Association, International Association of Amusement Parks and Attractions 22 23 ECONOMIC IMPACTS BY STATE TOTAL OUTPUT (BUSINESS SALES) AND JOBS IMPACTS PER CAPITA Per capita business sales and jobs impacts include direct, indirect, and induced impacts. 24 25 FISCAL (TAX) IMPACTS BY STATE TOTAL TAXES GENERATED PER HOUSEHOLD Total taxes generated per household include state & local taxes and federal taxes and include direct, indirect, and induced taxes. 26 27 ECONOMIC IMPACTS TOP 25 METRO AREAS TOTAL BUSINESS SALES Seattle-TacomaBellevue, WA $ $$$$ Portland-VancouverHillboro, OR-WA Minneapolis-St. PaulBloomington, MN-WI Detroit-WarrenDearborn, MI Boston-CambridgeNewton, MA-NH San FranciscoOaklandHayward, CA Los AngelesLong BeachAnaheim, CA Chicago-Naperville- Elgin, IL-IN-WI New York-Newark-Jersey City, NY-NJ-PA Denver-Aurora- Lakewood, CO Philadelphia-Camden- Wilmington, PA-NJ-DE-MD St. Louis, MO-IL Baltimore-Columbia- Riverside-San BernardinoOntario, CA Charlotte-ConcordGastonia, NC-SC Atlanta-Sandy Towson, MD Washington-ArlingtonAlexandria, DC-VA-MD-WV Dallas-Fort Worth- Springs-Roswell, GA Arlington, TX San DiegoCarlsbad, CA Phoenix-MesaScottsdale, AZ San Antonio-New Braunfels, TX Houston-The Woodlands-Sugar Land, TX Orlando-KissimmeeSanford, FL Tampa-St. PetersburgClearwater, FL Miami-Fort Lauderdale-West Palm Beach, FL A metropolitan statistical area (MSA) is a geographical region with a relatively high population density at its core and close economic ties throughout the area. A typical metropolitan area is centered on a single large city that yields substantial influence over the region. MSAs are defined by the U.S. Office of Management and Budget (OMB) and used by the Census Bureau and other federal government agencies for statistical purposes. The above table is ranked by MSA population in descending order. 28 29 FISCAL (TAX) IMPACTS TOP 25 METRO AREAS A metropolitan statistical area (MSA) is a geographical region with a relatively high population density at its core and close economic ties throughout the area. A typical metropolitan area is centered on a single large city that yields substantial influence over the region. MSAs are defined by the U.S. Office of Management and Budget (OMB) and used by the Census Bureau and other federal government agencies for statistical purposes. The above table is ranked by MSA population in descending order. TOTAL TAX REVENUES Seattle-TacomaBellevue, WA $ $$$$ Portland-VancouverHillboro, OR-WA Minneapolis-St. PaulBloomington, MN-WI Detroit-WarrenDearborn, MI Boston-CambridgeNewton, MA-NH San FranciscoOaklandHayward, CA Los AngelesLong BeachAnaheim, CA Chicago-Naperville- Elgin, IL-IN-WI New York-Newark-Jersey City, NY-NJ-PA Denver-Aurora- Lakewood, CO Philadelphia-Camden- Wilmington, PA-NJ-DE-MD St. Louis, MO-IL Baltimore-Columbia- Riverside-San BernardinoOntario, CA Charlotte-ConcordGastonia, NC-SC Atlanta-Sandy Towson, MD Washington-ArlingtonAlexandria, DC-VA-MD-WV Dallas-Fort Worth- Springs-Roswell, GA Arlington, TX San DiegoCarlsbad, CA Phoenix-MesaScottsdale, AZ San Antonio-New Braunfels, TX Houston-The Woodlands-Sugar Land, TX Orlando-KissimmeeSanford, FL Tampa-St. PetersburgClearwater, FL Miami-Fort Lauderdale-West Palm Beach, FL 30 APPENDIX CONCERTS AND LIVE ENTERTAINMENT INDUSTRY LABOR INCOME IMPACTS ($ BILLIONS) NATIONAL IMPACTS BY INDUSTRY (2019) 31 CONCERTS AND LIVE ENTERTAINMENT INDUSTRY JOBS IMPACTS NATIONAL IMPACTS BY INDUSTRY (2019) Source: Oxford Economics (2021) Note: Totals may not sum due to rounding. The concerts and live entertainment industry's total economic impact of $132.6 billion included $42.2 billion in labor income, including $17.4 billion in direct labor income, $11.3 billion in indirect labor income, and $13.5 billion in induced labor income. As shown in the accompanying table, the majority of labor income occured in the recreation and entertainment industry, totaling $10.8 billion. Source: Oxford Economics (2021) Note: Jobs include full-time and part-time jobs. The concerts and live entertainment industry's total economic impact of $132.6 billion supported 913,000 total jobs, including approximately 466,000 direct jobs, 208,000 indirect jobs, and 239,000 induced jobs. The majority of jobs are in the recreation and entertainment industry, amounting to more than 319,000 total jobs. 32 CONCERTS AND LIVE ENTERTAINMENT INDUSTRY FISCAL (TAX) IMPACTS ($ BILLIONS) NATIONAL IMPACTS BY INDUSTRY (2019) Source: Oxford Economics (2021) Note: Totals may not sum due to rounding. The live event industry's total economic impact of $132.6 billion generated a total fiscal (tax) impact of $17.5 billion. Total Federal taxes amounted to $9.3 billion, including $4.3 billion in social insurance taxes and $3.8 billion in personal income taxes. Total state and local taxes amounted to $8.3 billion, including $3.0 billion in sales taxes, $0.6 billion in bed taxes, and $2.7 billion in property taxes. 34 ABOUT THE RESEARCH TEAM Oxford Economics was founded in 1981 as a commercial venture with Oxford University’s business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad. Since then, we have become one of the world’s foremost independent global advisory firms, providing reports, forecasts and analytical tools on 200 countries, 100 industrial sectors and over 3,000 cities. Our best-of-class global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic, social and business impact. Oxford Economics is an adviser to corporate, financial and government decision-makers and thought leaders. Our worldwide client base comprises over 2,000 international organizations, including leading multinational companies and financial institutions; key government bodies and trade associations; and top universities, consultancies, and think tanks. This study was conducted by the Tourism Economics group within Oxford Economics. Tourism Economics combines an understanding of traveler dynamics with rigorous economics in order to answer the most important questions facing destinations, investors, and strategic planners. By combining quantitative methods with industry knowledge, Tourism Economics designs custom market strategies, destination recovery plans, forecasting models, policy analysis, and economic impact studies. Oxford Eceonomics employes 400 full-time staff, including 250 professional economists and analysts. Headquartered in Oxford, England, with regional centers in London, New York, and Singapore, Oxford Economics has offices across the globe in Belfast, Chicago, Dubai, Miami, Milan, Paris, Philadelphia, San Francisco, and Washington DC. To better understand the economic impacts of the Concerts and Live Entertainment Industry, Live Nation Entertainment commissioned Oxford Economics to conduct this study. Live Nation Entertainment is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Sponsorship. For additional information, visit www.livenationentertainment.com. ABOUT THE RESEARCH TEAM
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