e-Newsletter of Percept  I  P2M - Vol XVI  I  Issue 10 I October 2021
Percept featured as a Key Contributor in the Live Festivals domain to the Global Music Tourism Economy in a recently published Global Report
Tourism is vital for the success of many economies around the world. There are several benefits of tourism on host destinations. Tourism boosts the revenue of the economy, creates thousands of jobs, develops the infrastructures of a country, and plants a sense of cultural exchange between foreigners and citizens. Music tourism is the act of visiting a city, town or a country, to see a music festival or other music performances. This sort of tourism is particularly important to small villages such as Glastonbury, as well as large cities like Glasgow. The fairly recent jam band phenomenon is a contemporary example that encourages music tourism. Music festivals are visited by many tourists annually.

Percept Live has been featured yet again in the top Live Festival players contributing to the Global Music Tourism economy in the just published “Global Music Tourism Market Professional Survey Report 2021” published by Report Consultant. Tourism is the world’s 5th fastest growing industry, with 1 Billion international travellers, $1.53 trillion in global revenues and 5% growth globally per year. Much of the growth is coming from the emerging middle classes of Brazil, Russia, India, China and Mexico.

The Music Tourism Market has made Impressive strides with committed companies like Percept, investments LiveStyle, Venu Works, Live Nation Entertainment, Global Spectrum L.P, ID&T Belgium, AEG Worldwide, Only Munch Louder, TAG Group, ACFEA Tour Consultants, SFX Entertainment. Total live music revenue is expected to rise at a 3% CAGR through 2020, exceeding USD 28 billion, globally. Despite the overwhelming expansion of the digital world, live entertainment events give fans a type of experience that is unparalleled and engaging.

In India, music festivals have become a great way for independent artistes to showcase their talents. But more than just that, it gives a huge boost to local employment and tourist footfall. This gives Indian towns and cities a chance to present their culture, heritage and ethos.

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The Emergence of NFTs in the Indian Music Industry as Sunburn rides the wave
In a world where businesses have been paralyzed by the ongoing pandemic, the music domain unearthed a new path to monetize their work. NFTs or ‘Non-Fungible Tokens’ have taken the world by storm as a range of items spanning concert tickets, special access and private NFT holders-only performances, livestream interviews and shows, and limited-edition albums have enable fans to own something directly from their favourite artist and create a much stronger artist-to-fan relationship.

Asia’s biggest electronic dance music festival – Sunburn sold 10 exclusive NFTs out of which two NFTs were sold in less than 20 seconds and four, in less than 1 minute creating a record!

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The Live Events industry limps back to normalcy with small gigs – Karan Singh and industry honchos share their views with MINT
The live events industry, one of the hardest hit by the covid-19 pandemic, is trying to limp back to normalcy as some states ease restrictions. Small gigs in the comedy and music segment in Goa, Hyderabad, Bengaluru, Ahmedabad and Kolkata are taking place with audience sizes ranging from 200-300. While regular ticket prices range from ₹500 to ₹1,000, some premium ones can go up to ₹2,500. With sponsorships limited at this point, local, home-grown brands are stepping in for selective on-ground events and digital events.

Organised events and activations is a Rs. 10,000 crore industry, according to a EY-EEMA (Event and Entertainment Management Association) report. But as per EEMA’s informal estimates, if the unorganised segment is included, the industry size could be as big as Rs. 5 trillion. Mint had earlier reported that events industry took a 70% hit in revenues in 2020. Karan Singh, Chief Operating Officer, Percept Live, the live entertainment division of Percept Ltd said sponsors are also waiting for larger outdoor events to be allowed because that always represents better value and scale for them and for event companies too.
Multiplex-producers fight may escalate as release window shrinks – Yusuf Shaikh shares his views
Multiplex chains that refused to screen the Hindi version of Kangana Ranaut’s Thalaivii in north India are in for bigger trouble as their dispute with producers over the theatrical and digital release gaps for new films aggravates. At least three film trade analysts said several movies featuring big stars are likely to ask for a shorter time span between their release in theatres and on digital platforms in the interest of business given that cinemas are yet to bounce back. The demand is likely to come after Kangana Ranaut starrer Thalaivii announced the streaming of the film's Hindi version on Netflix within two weeks of its release in theatres. This led to a boycott of the Hindi film by multiplex chains PVR and INOX. Multiplexes had asked for a four-week window between the film’s release on the streaming service which was denied by the producers.

Yusuf Shaikh, Business Head, Feature Films at production and distribution company Percept Pictures said there is no doubt a producer will take his film directly to a digital platform if he gets a better deal. “Anything that comes from theatrical right now is only incremental and done with the hope of setting the ball rolling. But if everyone becomes a bit flexible in these unprecedented times, there is a better chance of the business growing," Shaikh said.

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The Rise of Data Centers as Data becomes the new Black Gold – Alok Sood shares his perspective
Alok Sood, GM – Information Systems, Percept Ltd., shares his views with Digitaltech Media Magazine on how the need for Datacenters will increase in the future as Data becomes the new Black Gold. He foresees Hyperscale Technologies, Edge Datacenters that support EDGE applications, and the advent of Green Cloud Service solutions as Sustainability becomes vital for human existence.

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© Corporate Communications | Percept Limited, P-2, Level 4, Raghuvanshi Estate, 11/12 SB Marg, Lower Parel (West), Mumbai - 400013, India. | Tel: +91-22-30448400 | Web: www.perceptindia.in | Intranet: www.mypercept.in | 
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