Concerts boost theatre earnings
UK Theatres figures show music outdoes panto as revenue-earner
More and more theatres are turning to music to boost revenues, according to a new report.
Figures released by industry body UK Theatres show that revenue from concerts at Britain’s theatres grew 47% in the three years from 2013 to 2016.
The figures, from UK Theatres recently published Sale Data Report, shows that concerts have overtaken pantomime as the highest-performing genre in member venues. Over half a million more tickets were sold for concert in 2016 compared to 2013, a £3.29 increase in average yield. Income from rock and pop concerts grew by 50% over the three years. This compares with income for all types of programming, which grew by 18%.
UK Theatre president Fiona Allan says the growth in concerts demonstrates that theatre managers are “responding to the evolving tastes of audiences. This report is a vote of confidence for the industry in challenging times. We’re continuing to attract audiences, and as an industry we’re showing remarkable resilience during a time of unprecedented financial pressure.”