Core Viewpoint - The article highlights the increasing popularity of local events, particularly music festivals and football leagues, in cities like Luzhou, which are driving significant economic activity and consumer engagement during the National Day and Mid-Autumn Festival holidays [1][2]. Group 1: Event Impact on Local Economy - Luzhou is experiencing a surge in travel demand, with hotel bookings doubling and flight searches increasing by over 60% compared to last year during the holiday period [1]. - The local music festival and the inaugural home match of the Luzhou football team are expected to attract large crowds, contributing to the local economy [1][2]. - Various cities are leveraging local sports and cultural events to boost weekend and nighttime economies, with significant attendance reported at matches in Chengdu and Chongqing [2][5]. Group 2: Sponsorship and Brand Engagement - Major beverage brands are sponsoring local events, with Luzhou's music festival featuring sponsors like Luzhou Laojiao and Langjiu, indicating a strong interest from consumer brands in these events [1]. - The "Chuan Super" league has attracted sponsorship from local liquor companies, enhancing brand visibility and engagement with fans during matches [5][10]. Group 3: Consumer Promotions and Activities - Cities are implementing promotional activities linked to event attendance, such as discounts and free gifts for ticket holders, to stimulate local consumption [15][16]. - In Luzhou, initiatives include free public transport for visitors and discounts at local attractions for festival attendees, aiming to enhance the overall visitor experience [16][17]. Group 4: Broader Implications for Urban Marketing - Local governments are increasingly viewing sports and cultural events as platforms for urban marketing, enhancing city visibility and promoting local culture [17]. - The integration of sports, culture, and tourism is seen as a new opportunity for cities to enhance their economic profiles and attract visitors [17].

Core Insights - The concert economy is becoming a new engine for urban brand building, as demonstrated by the successful integration of events like the Mayday band's 25th anniversary concert in Beijing's Chaoyang District, which significantly boosted foot traffic and online engagement [1][2] Group 1: Economic Impact - The concert economy not only attracts fans but also stimulates a full consumption chain, including transportation, dining, accommodation, and shopping, creating a unique urban identity [1][2] - In just two months, related districts in Beijing saw foot traffic double, and online engagement exceeded 450 million times, showcasing the economic potential of such events [1] Group 2: Cultural and Emotional Engagement - The concert economy represents a "soft update" to urban spaces, enhancing cultural participation and emotional resonance among consumers, which in turn drives spending [2] - Events like concerts can create lasting memories for fans, turning simple experiences into shareable urban tags, thus contributing to the city's brand [2] Group 3: Urban Strategy and Brand Building - The concert economy should be integrated into urban strategies as a driving force for cultural and commercial tourism, shaping the city's atmosphere and long-term appeal [3] - Key challenges for cities include resource coordination for events, creating a welcoming environment, and maintaining brand loyalty post-event, which are essential for effective urban brand construction [2]

Core Viewpoint - The offline performance market is experiencing explosive growth, with various types of performances such as concerts, music festivals, and dramas driving new consumption scenarios and activating consumer demand [2][4]. Group 1: Offline Performance Market - The offline performance market's total box office exceeded 3.4 billion in July 2025, marking a nearly 60% year-on-year increase, closely following the film market scale [4]. - The surge in performances has led to a vibrant commercial ecosystem around venues, with a unique "street stall economy" emerging to cater to the immediate needs of thousands of attendees [4][5]. - Street vendors benefit from low startup costs and short return cycles, often seeing significant profits from single events due to concentrated consumer demand [4][5]. Group 2: Emotional Consumption and Fan Economy - Vendors are successfully tapping into audience emotional needs by offering themed merchandise that enhances the concert experience, such as fan items that foster a sense of participation [5][7]. - The fan economy is transitioning from niche online activities to mainstream consumer behavior, with shopping centers actively organizing fan events to convert "idol traffic" into actual foot traffic and sales [9][12]. - The balance between respecting fan emotional needs and avoiding over-commercialization is crucial for sustaining the fan economy's growth [12][13]. Group 3: Beauty and Photography Services - The rise of concert-related beauty services reflects a shift in consumer expectations, where makeup becomes part of the concert experience, creating a high-demand market for makeup artists [15][17]. - The demand for professional photography services at events is growing, driven by the need for high-quality memories, leading to a rise in rental services for photography equipment [19][21]. - The convenience of booking photography services enhances the overall concert experience, although the industry faces challenges in standardization and service quality [22][16]. Group 4: Accommodation and Dining - Concerts significantly boost local accommodation demand, with 61.3% of additional spending during performances directed towards lodging [24]. - Hotels near concert venues often see price surges of 3 to 5 times during events, reflecting the high demand from concertgoers [26]. - Dining experiences are evolving to cater to concert attendees, with restaurants optimizing services and creating themed dining experiences that enhance the emotional connection post-performance [28][31]. Group 5: Merchandise and IP Value - Merchandise has evolved from simple memorabilia to dual-purpose products that enhance the fan experience, significantly impacting the revenue structure of concerts [33][37]. - Pop-up stores near venues create immersive shopping experiences, leveraging scarcity to drive sales and enhance fan engagement [33][34]. - The transformation of merchandise into everyday items strengthens the emotional connection between fans and idols, creating a sustainable revenue stream for brands [37][38]. Group 6: Integration of Performance and Tourism - The combination of concerts and travel is becoming a popular trend, with audiences seeking to explore cities while attending performances, thus driving a new consumption model [39][40]. - This "performance + tourism" model enhances local economies by attracting large crowds and stimulating various sectors, including hospitality and retail [41][42]. - The integration of cultural events into tourism strategies is becoming a vital part of urban development, providing lasting economic benefits [42][44].

Core Insights - The summer concert and music festival market is experiencing a significant surge, with numerous events scheduled across the country, igniting consumer spending during the summer months [1][2] Group 1: Event Scheduling and Attendance - Major cities are seeing a packed schedule of concerts and music festivals, with Beijing hosting six large concerts on June 28 alone, attracting over 100,000 attendees [2] - The "Bird's Nest Starlight Performance Season" in 2025 is set to host over 50 concerts, with an expected attendance of 2.8 million [2] - The Chengdu Cactus Music Festival is anticipated to have over 70,000 people interested, showcasing the growing popularity of music events [2] Group 2: Government Support and Policy - Local governments are implementing supportive policies, including financial incentives and relaxed approval processes for concerts and festivals [6] - Beijing offers up to 5 million yuan in subsidies, while Xiamen provides ticket discounts for concert-goers at local attractions [6] - The concert market is expanding into new cities, with 700 concerts planned in 15 new first-tier cities, accounting for about 40% of total events [6] Group 3: Demographic Trends - The audience for large concerts is diversifying, with an increase in attendance from youth and older demographics [7][9] - In 2024, 3.6% of concert attendees were teenagers, while 44.5% of attendees at a specific concert were aged 50 and above [9] - For a concert in Chongqing, 49.5% of ticket buyers were over 40 years old, indicating a shift in audience demographics [10] Group 4: Economic Impact - Concerts and music festivals are referred to as "walking GDP," significantly boosting related sectors such as accommodation, dining, and transportation [11] - The estimated economic impact ratio is 1:4.8, meaning every 1 yuan spent on tickets generates 4.8 yuan in surrounding consumption [11] - In Q1 2025, concert ticket revenue reached 2.5 billion yuan, showing growth compared to previous years [12] Group 5: Cross-City Attendance and Tourism Integration - A significant portion of concert-goers travel from other cities, with 64.2% of large concert attendees coming from outside the host city [14] - For example, the Eason Chan concert in Haikou attracted 69.26% of attendees from outside the island, generating 395 million yuan in total spending [14] - The integration of concerts with tourism is evident, with dedicated concert tickets leading to increased secondary spending at local attractions [14]

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].