以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 惊蛰研究所 . 探索发现新经济。 *本文为惊蛰研究所X21财经·南财号联合出品 来源丨南财号"惊蛰研究所" 作者丨成昱 近年来，线下演出市场持续火爆。演唱会、音乐节、话剧、戏剧等各类演出数量呈井喷态势， 其衍生出的消费场景也不断丰富。 从演出前粉丝群体专门准备的明星物料、观演行头，到演出后的打卡留念仪式，观演人群对线 下演出体验的需求升级也解锁了越来越多的细分消费市场，成为激活消费的新动能。 摆摊经济：一边追星一边赚钱 2025年暑期，线下演出市场热度一路飙升，据灯塔专业版数据显示，7月演出市场总票房超34 亿，同比增长近6成，直追电影市场规模。在这股热潮的带动下，场馆周边的商业生态也随之 活跃，一种围绕数万观众即时需求形成的摆摊经济，正悄然融入演出经济的整体生态，成为消 费市场中一个颇具特色的存在。 每逢演唱会，往往演出尚未开演，场馆周边各种流动摊位就已热闹展开。一场热门演出往往能 吸引数万人参与，这些观众从城市各个角落甚至周边城市汇聚到场馆周边，在入场前的等待和 散场后的疏导过程中，形成了两个明显的消费高峰时段。正是这种短时间内高度集中的人流， 为摆摊生意 ...

Core Insights - The Jinan government is actively promoting cultural and tourism consumption through various initiatives, highlighting the multiplier effect of the performance economy [1][4] - The city has seen significant growth in hotel bookings, scenic spot ticket sales, and airport transfer orders during major concerts, indicating a strong correlation between events and tourism [1][4] Group 1: Performance Economy - Jinan's performance venues hosted over 600 commercial performances in the first half of the year, featuring popular artists like Dao Lang and Li Jian [4] - During Dao Lang's concert, hotel bookings increased by 67%, scenic ticket sales rose by 75%, and airport transfer orders grew by 31% [1][4] Group 2: Cultural and Tourism Projects - The construction of key cultural and tourism projects in Jinan is progressing steadily, with several expected to be operational by the end of the year [3] - Projects include the Qiuqu Yellow River Cultural Park and the Spring City Celebrity Square, which aim to enhance the cultural tourism landscape [3] Group 3: Integration of Travel and Culture - A strategic cooperation agreement was signed between Jinan's cultural and tourism bureau and Shandong Airport Management Group to promote travel and cultural integration [5] - Initiatives include joint travel products, 240-hour visa-free transit services, and special train routes to enhance tourism accessibility [5]

Core Insights - The performance economy is rapidly growing, becoming a new travel trend that boosts holiday consumption and tourism [1][2] - The total revenue of the national performance market has exceeded 100 billion yuan over the past three years, indicating a robust development trend [1][2] - Government policies and cultural initiatives are significantly supporting the growth of the performance economy, enhancing consumer demand [1][6] Performance Economy Growth - The revenue of the national performance market is projected to rise from 24.36 billion yuan in 2022 to 79.629 billion yuan in 2024, showcasing a strong growth momentum [2] - Major performances like concerts and music festivals not only generate substantial ticket sales but also activate related sectors such as tourism, transportation, and dining, creating a multiplier effect [2][3] Policy Support and Consumer Activation - Various local governments are implementing policies to support performance projects and venues, which is crucial for stimulating cultural consumption [6][7] - The central government has encouraged the development of artistic events like music festivals and concerts to enhance tourism consumption [6] City-Level Initiatives - Cities like Shanghai and Beijing are leading the performance economy, with Shanghai hosting 57,238 performances in 2024, including 281 large concerts, marking a 44.8% increase from the previous year [8] - Chengdu has introduced travel packages themed around concerts, integrating local attractions to attract tourists and enhance cultural experiences [9] Cultural and Economic Impact - The performance economy is not only a key driver of consumer spending but also plays a vital role in the development of the cultural industry and meeting the growing cultural demands of the public [3][7] - The integration of performances with tourism is helping cities enhance their cultural branding and attract a broader audience [9]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Views - The company is positioned as a leading all-industry chain reality entertainment platform in China, engaging in content production, promotion, distribution, IP derivative licensing, and ticket management for entertainment activities [6][11]. - The IP industry is identified as a rapidly growing market with significant potential, with the Chinese IP market projected to grow from 91 billion yuan in 2020 to 126.2 billion yuan by 2024, reflecting a CAGR of 8.5% [30][35]. - The company is expected to achieve substantial revenue growth, with projected revenues of 78.91 billion yuan, 95.34 billion yuan, and 116.83 billion yuan for FY26, FY27, and FY28 respectively, representing year-on-year growth rates of 18%, 21%, and 23% [6][19]. Summary by Sections Company Overview - The company operates through three main segments: content production, ticketing and technology platforms, and IP derivatives, leveraging resources from the Alibaba ecosystem [11][12]. - It has participated in the production and promotion of over 300 films, with significant contributions to the Chinese box office [11][12]. Financial Performance - The company reported revenues of 3.5 billion yuan, 5.04 billion yuan, and 6.7 billion yuan for FY23, FY24, and FY25, with year-on-year growth rates of 44% and 33% for FY24 and FY25 respectively [21]. - Adjusted EBITA for the same periods is projected at 310 million yuan, 500 million yuan, and 810 million yuan, with a consistent growth rate of 61% for FY24 and FY25 [21]. IP Market Insights - The IP industry is characterized by a dual-sided extension model, with significant growth opportunities in both upstream and downstream operations [27][30]. - The report highlights that the average unit licensing fee can leverage over 25 times the gross merchandise value (GMV) of licensed products, indicating a lucrative market potential [33]. Competitive Advantages - The company benefits from a robust integration of Alibaba's resources, enhancing its market position in ticketing and live entertainment [6][11]. - The report emphasizes the company's strong market share in ticketing, with nearly 100% coverage of major concert projects [6][11].

Core Viewpoint - The article discusses the challenges faced by middle-aged individuals in securing concert tickets, highlighting the complexities of the ticketing industry and the emotional significance of attending live events for this demographic [25][59]. Group 1: Ticketing Challenges - The demand for concert tickets significantly exceeds supply, with over 2.7 million people expressing interest for a concert at the Bird's Nest, which has a capacity of 80,000 [31][30]. - The evolution of scalpers has transformed them into sophisticated operations that utilize technology to secure tickets, making it increasingly difficult for individual buyers [34][35]. - Ticketing platforms often remain silent on the issue of scalping, benefiting from the high demand and the fees collected from secondary sales [42][43]. Group 2: Emotional and Economic Impact - Attending concerts has become a form of emotional release for middle-aged individuals, who are willing to travel significant distances and spend considerable amounts for the experience [73][72]. - The concert economy has a broader economic impact, with events boosting local tourism and hospitality sectors, as seen with increased hotel prices and bookings during concert weekends [66][65]. - The phenomenon reflects a shift towards "emotional economy," where individuals prioritize experiences that allow for emotional expression and relief from daily pressures [72][75]. Group 3: Consumer Behavior - Despite awareness of the risks associated with scalping and the ticketing process, consumers continue to engage in attempts to secure tickets, often leading to higher expenditures on secondary markets [52][54]. - The willingness to pay inflated prices for tickets indicates a deep-seated desire for the experience, which is viewed as a rare opportunity for joy and connection [25][73]. - The article suggests that the ticketing experience is not just about the event itself but also about the broader social and emotional context surrounding it [78][79].

Group 1 - The core idea of the news is the launch of a consumption promotion activity in Xi'an, themed "One Ticket to Enjoy Chang'an: Experience 'West' and Delight in Shopping," aimed at stimulating local consumption through a "ticket root economy" [1][2] - The initiative is a collaboration between Xi'an's Business Bureau, Cultural and Tourism Bureau, and Sports Bureau, and will run until December 31, 2025, covering large concerts and sports events organized in the city [1][2] - Consumers can enjoy tiered discounts when spending at participating accommodation and dining businesses, with the opportunity to receive consumption vouchers by scanning a QR code at event venues [1][2] Group 2 - The promotion also includes special discount vouchers for cultural, tourism, and sports activities, extending the consumption chain and linking various consumption scenarios from historical sites to modern shopping districts [2] - This innovative model not only provides benefits to consumers but also attracts targeted customer traffic for businesses, enhancing the night economy and promoting the integration of culture, commerce, and tourism [2] - The Xi'an Business Bureau views the "ticket root economy" as a proactive attempt to innovate consumption scenarios in response to the rising "performance economy," with plans to continue developing the "consumption+" model leveraging the city's rich cultural resources [2]

Core Viewpoint - The concert sponsorship by liquor companies has become a new marketing strategy, with initiatives like "buying liquor for tickets" emerging as a significant promotional tactic, although its effectiveness in inventory reduction is debated [2][11][12]. Group 1: Industry Trends - Major liquor brands, including Yanghe and Xijiu, are increasingly engaging in concert sponsorships, with the concert market projected to generate a total revenue of 79.629 billion yuan in 2024, reflecting a year-on-year growth of 7.61% [3][11]. - The trend of liquor companies sponsoring concerts has intensified over the past two years, with over 10 concerts sponsored by liquor brands since the beginning of 2023 [3][12]. - The "buy liquor for tickets" model is being widely adopted, with examples including Yanghe's sponsorship of Andy Lau's concert, where purchasing liquor products was necessary to obtain tickets [4][6]. Group 2: Marketing Strategies - The "buy liquor for tickets" strategy has been utilized by various liquor companies, with significant ticket prices requiring substantial liquor purchases, such as needing to buy over 5.8 million yuan worth of products for three tickets [6][8]. - Local liquor brands are also employing this strategy, with ticket prices linked to liquor purchases, such as the 2,088 yuan ticket requiring the purchase of six bottles of a specific liquor [8][9]. - The sponsorship of concerts not only increases brand exposure but also aims to drive sales through promotional tactics, although the actual sales impact is considered limited [11][12][13]. Group 3: Challenges and Limitations - Despite the short-term sales boost from concert sponsorships, the long-term effectiveness of the "buy liquor for tickets" model is questioned due to limited consumer purchasing power and challenges in tracking product distribution [11][13]. - The liquor industry is facing high inventory levels and competitive pressures, making traditional promotional methods less effective, thus prompting companies to explore concert sponsorships as a viable option [11][12]. - The success of the "buy liquor for tickets" model is contingent on the willingness of artists to participate, as some artists' teams may reject such marketing strategies due to concerns about fan impact [13][14].

Core Insights - The "performance economy" is emerging as a new trend in cultural tourism consumption, driving significant growth in related industries such as hotels, dining, and travel [1][3] - The integration of performances into travel itineraries is creating a multi-faceted consumption model, with a notable increase in package orders around events [3] - Cities are innovating consumption scenarios linked to performances, enhancing local economic activity and tourism [3][5] Group 1: Economic Impact - The "performance+" model has shown substantial potential, with a 180% year-on-year increase in package orders during holidays [3] - In Beijing, events like the Strawberry Music Festival have led to a 100% hotel occupancy rate and generated 60 million yuan in direct and derivative consumption over three days [3] - In second and third-tier cities, events like the Hulu Guo Music Festival have resulted in a 2.4 times increase in hotel bookings [3] Group 2: Policy and Cultural Empowerment - Cities are implementing financial incentives to support the performance tourism industry, such as Nanjing's subsidy program covering up to 50% of ticket prices for selected performances [5] - Suzhou has established a reward system for large-scale events, incentivizing organizers based on ticket sales [5] - Cultural integration is being emphasized, with performances like "Three Gorges Eternal Love" in Yichang generating over 100 million yuan in revenue and increasing hotel occupancy by 120% [6] Group 3: Industry Transformation - The industry is shifting from reliance on star power to the cultivation of unique intellectual properties (IPs) [7] - There is a movement towards creating a collaborative ecosystem rather than competing solely for audience numbers [7] - Long-term operational strategies are being prioritized, as seen in Xi'an's music hall hosting over 4,100 concerts and attracting more than 2.17 million attendees over the past decade [7] Group 4: Challenges and Future Trends - The performance market faces challenges such as insufficient venues, uneven content supply, and varying quality of artistic performances [8] - Future trends include immersive experiences, localized cultural integration, and accelerated internationalization of events [8]

Group 1 - The core viewpoint of the article indicates that this year's Dragon Boat Festival holiday will present a "budget low peak" travel trend, with a focus on local and surrounding tourism, as well as a rise in micro-vacations and cultural experiences [1][4] - The travel market is characterized by short-distance trips, cultural tourism, and food experiences, with popular travel routes concentrated within "2-hour" and "3-hour high-speed rail circles" [4][6] - The Dragon Boat Festival holiday coincides with Children's Day, leading to a surge in family travel and pet-friendly travel, with family trips accounting for nearly 40% of travelers [7][12] Group 2 - Traditional cultural tourism is becoming a core driving force in the market, with destinations like Hunan and Guizhou seeing over 20% growth in bookings [6][8] - The rise of international interest in the Dragon Boat Festival is evident, with events like the "Hello! China" international dragon boat festival attracting global attention [9][11] - The inbound tourism market is experiencing growth, with hotel search interest increasing by over 100%, particularly from Southeast Asian countries [11][12] Group 3 - The article highlights the importance of service innovation and product upgrades in the cultural tourism industry to meet changing consumer demands [3][5] - The expansion of high-speed rail networks is enhancing food tourism and cultural experiences, making them key attractions for travelers [7][12] - The article emphasizes the need for the tourism industry to evolve from optional to essential travel experiences, integrating with other essential services like education and healthcare [13]

Core Insights - The performance economy is reshaping urban consumption and cultural logic, driven by a path of "crowd gathering - consumption activation - cultural breakout - brand reshaping" [1] Group 1: Market Growth and Consumer Behavior - In 2024, Sichuan province is expected to host 32,000 commercial performances, attracting 12.5 million attendees and generating nearly 3 billion yuan in ticket sales, marking a 60% increase from 2023 [2] - The national performance market is projected to reach a total revenue of 79.629 billion yuan in 2024, with a year-on-year growth of 7.61%, and ticket sales accounting for 57.954 billion yuan [2] - The audience demographic is predominantly young, with over 70% of attendees aged 18-34, and transportation and accommodation expenses making up 65% of their total spending [2] Group 2: Consumption Scenarios and Economic Impact - The multiplier effect of the performance economy is strengthening, with Qingdao hosting 58 large performances in 2024, generating 330 million yuan in ticket sales and driving 1.94 billion yuan in related consumption [2] - Chengdu's "performance + exhibition" model during the 2024 Sugar and Wine Fair is expected to increase transaction amounts by 23% and nighttime consumption to 41% [2] - In Beijing, small theater performances are projected to exceed 200,000 in 2024, increasing foot traffic to surrounding businesses by 15% [2] Group 3: Cultural Transformation and Social Media Influence - Local cultural IPs are rapidly transforming, with Sichuan's integration of traditional performances into tourism projects generating over 500 million yuan in ticket sales and 8 billion views on Douyin [3] - The introduction of AR technology in performances in Lanzhou has led to a 40% increase in night tourism revenue [3] - Social media plays a crucial role in promoting performances, with concert-related short videos garnering 22.8 billion views and over 8 million posts on Xiaohongshu in 2024 [3] Group 4: Urban Branding and Competition - Performances are becoming a new branding tool for cities, with Haikou attracting over 100 large performances and achieving an average visitor spending of over 6,000 yuan through a "duty-free + performance" model [4] - Shijiazhuang's "Rock City" brand has led to an annual average of 120 performances, with a 92% visitor satisfaction rate in 2024 [4] - Beijing and Shanghai continue to lead the market, with Shanghai's ticket sales reaching 5.17 billion yuan in 2024, while Beijing offers subsidies of up to 3 million yuan for large performances, resulting in a 171.7% year-on-year increase in ticket sales [4] Group 5: Future Development and Technological Integration - The future of the performance economy requires technological breakthroughs, policy frameworks, and cultural depth for sustainable development [5] - The integration of digital technology with urban services is essential, as seen in Lanzhou's "digital ticket" system, which has increased surrounding commercial consumption by 28% [5] - The use of immersive technologies, such as holographic projections and AR interactions, is reshaping the performance economy's reach and audience engagement [5] Group 6: Policy Framework and Cultural Ecosystem - The optimization of policy frameworks should shift from short-term competition to long-term ecological cultivation, as demonstrated by Beijing's 2025 support measures for high-quality performance development [7] - Cross-departmental collaboration is crucial, with initiatives in Lanzhou reducing performance approval times from 15 days to 3 days, and Shijiazhuang achieving a dual outcome of zero safety incidents and improved youth engagement [7] - The establishment of regional alliances, such as the "Silk Road Performance Alliance," has facilitated the sharing of 200 performance IPs and increased cross-regional touring by 45% [7] Group 7: Cultural Identity and Differentiation - Building a cultural ecosystem requires modern expressions of local heritage, with Sichuan's adaptation of traditional performances attracting a younger audience [7] - Lanzhou's integration of local heritage elements into modern performances has led to significant community engagement and high viewership on social media [7] - Cities like Chengdu and Lanzhou are focusing on unique cultural branding to avoid homogenization and achieve a transformation from "traffic frenzy" to "value accumulation" [7]