Group 1 - The performance market in China is becoming a new engine for consumption, with a projected total revenue of 796.29 billion yuan in 2024, representing a year-on-year growth of 7.61% [1] - A recent outdoor music festival in Wuhan attracted thousands of attendees, featuring over twenty domestic and international bands, and included a music market and live art installations [3][5] - The festival lasted for two days, with operating hours from 1 PM to 10:30 PM, creating a vibrant atmosphere for music lovers [3] Group 2 - The music festival significantly boosted local tourism, with hotel and accommodation bookings near the venue experiencing a surge, and the Huangpi District seeing a 9.12% increase in visitor numbers and a 10.15% rise in overall revenue [6] - Local food vendors, such as a burger stall owner, reported high sales during the festival, indicating a successful conversion of "music traffic" into local economic benefits [7]

Market Overview - The large-scale commercial performance market is expected to thrive in 2024, with a box office revenue of 29.636 billion yuan, 2.7 million performances, and an audience of 36.5182 million people, accounting for 51.1% of the total box office [1][9][20] - Large concerts are the most significant contributors, with box office revenue exceeding 26 billion yuan, a year-on-year increase of 78.1%, and an audience of over 29 million, up 45.0% year-on-year [1][13][20] Performance Distribution and Trends - Large concerts are increasingly concentrated in second-tier cities, with their box office and performance share exceeding 60% [1][16] - Major consumption areas include the Beijing-Tianjin-Hebei, Yangtze River Delta, Pearl River Delta, and Chengdu-Chongqing city clusters, with the Yangtze River Delta accounting for 31.4% of the box office [1][16] - The number of performances in cities with over 10,000 attendees has increased by 84.4% year-on-year [1][13] Audience Characteristics and Behavior - Female audiences dominate large-scale commercial performances, making up 66.1% of concert attendees and 67.1% of music festival attendees [2][72] - The audience is becoming more mature, with an increasing proportion of attendees aged 35 and above [2][76] - The average frequency of attending concerts is 1.5 times per year, with over 50% attending with companions, highlighting the social aspect of these events [2] Future Outlook - Anticipation for upcoming tours by popular artists such as Zhang Jie and Phoenix Legend is high, indicating a strong foundation for continued market growth in 2025 [2]

Market Overview - The large-scale commercial performance market in China is expected to thrive in 2024, with box office revenue reaching 29.636 billion yuan, 2.7 million performances, and an audience of 36.5182 million people, accounting for 51.1% of the total box office [1][9][6] - The market is characterized by a significant increase in large concerts, with box office revenue exceeding 26 billion yuan, a year-on-year growth of 78.1%, and an audience exceeding 29 million, marking a 45% increase [13][10] - The concentration of performances is shifting towards second-tier cities, with their box office and performance share exceeding 60%, while the Yangtze River Delta remains the core consumption area [17][28] Content Trends - The number of touring projects constitutes 79.7% of large concerts, with a growing trend towards niche and innovative concerts utilizing theaters and new spaces [2][69] - The number of music festival IPs has decreased, but internationalization and content iteration have accelerated, focusing on niche genres or enhancing performance lineups [81][88] - Government policies are being implemented to promote large-scale music performances, facilitating the integration of "music + cultural tourism" [88][89] Audience Profile - Female audience members account for over 65% of attendees at large concerts and music festivals, with the age demographic becoming more mature, as 21.6% of concert-goers are aged 35 and above [96][98] - The average attendance frequency for large concerts is 1.5 times per year, with over 50% attending with companions, highlighting the social aspect of these events [2][88] - Cross-city attendance is over 60%, with second-tier cities showing the highest cross-province attendance [2][88] Performance Highlights - The number of concerts with ticket sales exceeding 30 million yuan has increased, with 11.8% of performances falling into this category, indicating a growing ability of top artists to attract audiences [37][33] - The large music festival market is experiencing a rational return in supply and demand, with the May Day and National Day holidays becoming peak performance periods [40][39] - The market is showing a trend of expansion in third and fourth-tier cities, with significant growth in ticket sales and performance numbers in provinces like Anhui and Fujian [44][45] Regional Insights - Coastal provinces remain key areas for music festival consumption, with Jiangsu leading in ticket sales for large music festivals [54][53] - In 2024, several provinces, including Guangdong, Shanghai, and Zhejiang, are expected to surpass 1 billion yuan in ticket sales for large concerts [28][9] - The top cities for large concert ticket sales include Shanghai, Hangzhou, and Suzhou, with significant performances contributing to their rankings [30][28]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 韩港（微信 HGK1366） 核心观点 本文从行业协会视角出发，观察 20 大中观行业的现状与未来趋势。 1 ）当前供需失衡、需求不足等问题仍然存在。 2 ）但边际上，已出现一定积极迹象， 表现为：企业正通过调整改造、并购重组等方式重构行业格局（例 如百货行业）；在总量偏弱背景下不乏结构性亮点（例如珠宝消费承压，但黄金高增）； 3 ）往后看，关注四个趋势： 通过供改改善行业环境（如光伏 / 钢铁 / 石化 / 水泥等 ）；新的增长极正在 形成（ AI/ 软件 / 演出等）； AI 助力降本提效（如餐饮 / 珠宝 / 百货等）；深耕细分领域（服装 / 珠宝 / 白酒等）。 报告摘要 一、供需失衡等症结仍存 1 ）供求失衡问题，主要集中在周期、制造业领域 ，例如： a ）石化，"面临深度调整的阵痛期"； b ）钢 铁，需求自 2020 年连续 4 年下滑，且"新的供需动态平衡机制尚未建立"； c ）水泥，"水泥市场饱和度较 高"，在需求下滑的背景下， 内卷式竞争加剧； d ） ...

Core Insights - The Chinese performance market is projected to reach a total revenue of 79.629 billion yuan in 2024, marking a year-on-year growth of 7.61% [1] - The market is experiencing a shift towards high-quality development, with a balanced distribution of large performances like concerts and music festivals across regions [2] - The integration of cultural and tourism sectors is driving the performance market to new heights, creating opportunities for high-quality content and innovative performance products [3] Group 1: Market Overview - The total revenue of the national performance market is expected to be 79.629 billion yuan in 2024, with ticket sales contributing 57.954 billion yuan and other revenues at 21.675 billion yuan [1] - The demand for performances is being driven by rising income levels, leading consumers to prefer high-quality and differentiated experiences [1] - The youth demographic is becoming the primary consumer group, favoring personalized and experiential content [1] Group 2: Industry Trends - The trend of "traveling to a city for a performance" is emerging, with over 60% of cross-city attendance reported, generating over 200 billion yuan in comprehensive consumption [2] - The performance market is witnessing a significant increase in service quality and detail optimization, moving towards a more standardized and healthy direction [2] - The competition within the performance market is intensifying, necessitating the discovery of more original talents and the production of unique music works [2] Group 3: Cultural Integration - The integration of cultural and tourism sectors is seen as a key driver for the performance market, allowing for broader audience reach through tourism scenarios [3] - The industry is encouraged to expand the supply of cultural performances and introduce more high-quality projects, exploring the potential of "performance+" and "+performance" models [3] - The focus is shifting from reliance on celebrity appeal to fostering a long-term ecosystem that emphasizes experiential consumption [3]

Core Insights - The 2024 large-scale commercial performance market is experiencing rapid growth, with box office revenue reaching 29.636 billion yuan, a 66% increase from 2023, accounting for 51.1% of the total market revenue [1] - Large concerts are particularly notable, with box office revenue exceeding 26 billion yuan, a 78.1% increase year-on-year, and audience numbers surpassing 29 million, a 45% increase [4][9] Group 1: Concert Market Trends - The majority of concert revenue comes from tours, which account for 79.7% of performances, with notable artists continuing their tours from 2023 [9] - Concerts with over 10,000 attendees have seen an 84.4% increase in the number of performances, and concerts with single-show box office exceeding 30 million yuan represent 11.8% of all concerts, up 3.4% from 2023 [9] - Second-tier cities are showing significant growth in concert attendance and revenue, accounting for over 60% of total performances, with the Yangtze River Delta region being particularly active, contributing 31.4% of total box office revenue [9] Group 2: Audience Demographics - The concert market is increasingly attracting both youth and older audiences, with those aged 35 and above making up 21.6% of attendees, a 2% increase, while youth representation has risen to 3.6% [12] - Female attendees remain the primary consumer group, comprising 66.1% of the audience [12] - The frequency of attendance is also increasing, with 16% of attendees going to concerts twice a year, up 2.8%, and 9.2% attending three times or more, up 2.2% [12] Group 3: Music Festival Insights - The box office for large music festivals is approaching 2.4 billion yuan, with audience numbers exceeding 5.81 million, primarily concentrated around the May Day and National Day holidays [13] - Music festivals are expanding into third and fourth-tier cities, with these cities accounting for 34.9% of festival performances and 29.1% of box office revenue [13] - The audience for music festivals is younger, with 36.2% of attendees aged 18 to 24, and female attendees making up 67.1% [13] Group 4: Market Dynamics and Data Insights - The large-scale commercial performance market is in a high-growth phase, with increasing diversity and quality in supply, and consumers focusing more on experience and service [13] - A new data platform has been launched to provide insights on box office, audience numbers, and performance counts, enhancing decision-making for event organizers [14]