On March 31 (30th), the first “2021 Chinese Digital Music Annual Summit” hosted by Your Music Research Institute under Tencent Music Entertainment Group (TME) was held in Beijing. The theme of this summit is “Convergence · Breakout”. Zhang Le, vice president of Maoyan Entertainment, attended and delivered a keynote speech.
In the speech, Zhang Le shared a series of attempts and thoughts of Maoyan in the past few years based on the current supply and demand relationship of the live performance market and consumer characteristics. Over the past decade, China’s film market has grown rapidly from $10 billion to $60 billion; Regardless of the impact of the epidemic, the compound growth rate of the live entertainment market in recent years has maintained at about 20%, which is expected to become the next outbreak of the entertainment consumption market. As the epidemic eased, the online traffic of the cat’s eye show during the Spring Festival in 2021 increased by 130 percent compared to the same period in 2019, but the supply decreased by more than 70 percent compared to the same period in 2019. The contradiction between people’s growing consumer demand for live performance and the shortage of content is becoming more and more obvious. Therefore, based on the platform capability, it has become an important development direction of Maoyan performance to provide comprehensive services for every link of the live performance market and help generate new supply and good content.
In recent years, the live performance market also presents several characteristics of “demonization, sinking and diversification”. Among them, “demandalization” has activated more market players and made the market more dynamic. Compared with those born in the 1970s and 1980s, young people born in the 1990s and 2000s like more diverse creators and types of works. At the same time, the new generation of creators have more individual world views and values, which attract their fixed audience. “Focus” means that offline performances will have more market players in the future, which will be more beneficial to the long-term development of the industry.
“Sinking” further broadens the market boundaries of live performances, and “small-town youth” also need live entertainment. “Sinking to some extent determines the future development space of an industry,” says Mr Zhang. “If an industry can’t sink, then it may be a nice small and beautiful business, but it is harder to have large-scale enterprises.” And the past several cases of cat eye attempt, it is a live performance to verify the sinking space. Maoyan previously served as the ticket service provider for Jacky Cheung’s Liuzhou tour and JJ Lin’s Xiangyang tour. Data shows that 90% of the ticket buyers in these cases are local consumers, and from the perspective of age distribution, 90% are post-90s consumers. The consumption demand of live entertainment in lower-tier cities is continuously rising, and the accumulation of users of Maoyan in the past also opens up incremental space for the subsidence of these shows.
Based on the changing consumption scenarios, the live performance is also more diverse in terms of form and content, the authors introduce: “last year we made a try online concert, in addition to can watch the video platform, fans can also be in the cinema, the effect is very good, artists in the studio to see cinema fans waving our chorus, fans through the video playback platform can see yourself on the mirror, the maximum reduction presence”. In addition, we can also see that the talk show, a new species, has been favored by the audience in the past two years. The script that combines IP with the secret room has also seen an explosive growth. The culture combined with the scene of eating, drinking and playing, will continue to give birth to new forms of performing arts that are more in line with The Times.
In view of the changes in the live performance market and based on the platform capabilities in data, publicity and commercialization, Maoyan is providing more efficient services for participants in the industry to meet the needs of different roles and improve the efficiency of the industry. For example, in the cooperation with Wahaihaiwah this year, Maoyan provided a set of tools for artist growth and fan management to its band, Maoyan Fan Tong. Through this tool, the interactive channels between artists and fans are established. Meanwhile, through the analysis of fans’ portraits, the artists are also helped to plan their tour, etc.
In addition to the wonderful keynote speech and roundtable forum, the summit also released the “2020 Chinese Digital Music Annual White Paper”, which comprehensively displayed the panoramic changing trend of China’s digital music industry. As an official data partner, Maoyan provided rich and detailed data support for the White Paper, comprehensively traced the development course of offline music performances in 2020 from the dimensions of audience enthusiasm and quarterly recovery rate, and provided in-depth insight into the development and changes of the Chinese digital music industry.
The spring of 2021 has arrived. With the gradual recovery of the live performance market, Maoyan will continue to innovate and make progress together with all industry partners. It can be expected that the Chinese live performance market will be booming in the next decade, and new supplies and good content will bring more surprises to more consumers.