Indian Economy News

India’s US$ 1.41 billion live events market fuelling experiential marketing push: BookMyShow–EY report

According to a joint report by BookMyShow and EY-Parthenon, India has developed its live events industry into a market worth Rs. 13,000 crore (US$ 1.41 billion), which is reshaping how brands engage with consumers through their experiential marketing efforts. Companies use the sector, which encompasses concerts and festivals, sporting events, and cultural programs, as a major channel to develop immersive brand experiences that build customer relationships and drive their buying behaviour. Marketers now use live events to create brand experiences that generate emotional bonds with audiences because they have moved away from traditional advertising methods. The shift demonstrates how consumer behaviour has changed, especially among younger people who now consider live entertainment and place greater value on live entertainment and experiences.

The report shows that large-scale concerts and entertainment events have become more popular, which creates new opportunities for live entertainment in India. The urban public demands live experiences because their disposable incomes have increased, and digital ticketing platforms have emerged, and they now have access to worldwide entertainment styles. The sector expansion creates additional economic advantages that assist multiple industries, including tourism, hospitality, logistics, and digital services. The increase of large-scale concerts and entertainment events in India has established the country as a developing hub for international live entertainment displays. Live events will become more important for experiential marketing, according to brand marketers who develop new promotional methods that help businesses build better customer relationships while they drive growth in India's media and entertainment sector.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.