Hybrid concerts, events that blend physical and virtual experiences, are reshaping the live entertainment industry and driving growth. The conference, concert and event market in the US is projected to grow from $409 billion in 2023 to $638 billion by 2032, reflecting a 5% CAGR(1). Globally, the virtual concert platform market is expected to increase from $98 billion in 2024 to $297 billion by 2030, with a CAGR of 20%(2). This growth is largely fueled by the adoption of hybrid concerts which not only expand audience reach, but also enhance engagement through more immersive experiences.
By breaking down barriers of geography, health, and cost, hybrid concerts allow fans to join events in person or remotely. Innovations in augmented reality (AR) and virtual reality (VR) are further transforming concert experiences with features such as AR overlays and real-time engagement tools enhancing interaction and accessibility for remote attendees. For instance, Coldplay’s ongoing Music of the Spheres World Tour integrates cutting-edge AR and VR technology. Their tour app offers a mixed-reality adventure, immersing fans deeper into the Coldplay universe. Attendees can dance with augmented reality aliens from the “Higher Power” music video and create shareable videos and photos that seamlessly blend music and technology(3).
The hybrid model has also unlocked new revenue streams including global ticket sales, sponsorships, and exclusive online content. Additionally, hybrid concerts promote sustainability by reducing travel-related emissions. Coldplay’s Music of the Spheres World Tour, for example, has produced 47% less CO2 emissions than their previous 2016-2017 stadium tour(3).
Hybrid concerts will continue to revolutionize the live events industry. With technology advancements and evolving audience preferences, they are paving the way for the future of entertainment while simultaneously expanding reach and driving market growth.
Sources:
- Globe Newswire
- Grand View Research
- SAP
