With record revenues of €333.9 million ($374.087m) in 2018, the live entertainment sector has finally recovered from a disastrous tax on events.
According to figures produced by the Association of Musical Promoters (APM), the results are a 24 per cent increase on 2017, and crown five years of growth for the industry.
The organisation puts this year’s figures down to an “exceptional year”, including two Bruno Mars dates that drew a total of 110,000 people; Ricky Martin, who in drew 79,657 attendees across 10 shows and Shakira, whose five performances sold 71,000 tickets. There were also stadium dates from Guns N’Roses and Iron Maiden.
In 2012 the government raised cultural tax to 21 per cent, with live music revenues in 2013 falling €100m ($112m) to €158m ($177m). The levy was finally reduced to 10 per cent in 2017.
“This was the first full year since the reduction in VAT, and that played a big part in the strong results,” says APM chair Albert Salmerón. “But the good health of the festivals market, plus growth in domestic artists, and a reduction in PRS payments from 10 per cent to 8.5 per cent also contributed.
“The economy is now doing well following the economic crisis, which means consumer confidence is higher as unemployment drops, and this leads to more ticket sales.”
The APM represents 74 promoters nationwide.