The local market of shows, concerts and events logistics could exceed this year RON 500 million (EUR 109.6 million), according to a KeysFin study quoted by New.ro. This would be double the amount registered in 2009.
“Concerts, shows, festivals, fashionable parties. Romanians are increasingly interested in such events and are willing to pay for entertainment. Proof of this is the tickets sale success of the Enescu Festival,” the study shows.
The number of firms working in the industry doubled from 1,090 in 2009 to 2,132 in 2016, according to the same source.
“Against a spectacular increase in the number of events, from film and theater performances to concerts and festivals, among which Untold is the most relevant example, the businesses in Romanian entertainment reported revenues of RON 472 million (EUR 103.5 million). In 2009, they barely stood over RON 200 million – at RON 213.8 million (EUR 46.8 million),” the study shows.
More than half of the firms working in the industry are active in the show-related activities sector. Those involved in provide logistic support are the other large category, encompassing over 800 firms. Most of them are active in Bucharest (959), where most of the events are organized.
Cluj-Napoca, Constanta, Sibiu, Timisoara and Iasi follow in the interest for organizing events.
“In these cities, maybe even more than in the capital, local authorities have understood the tourist and business potential of organizing concerts and festivals. The best example is Cluj-Napoca, a city visited by over 100,000 tourists this summer,” the authors of the study explain.
The sector recorded profits of over RON 88.5 million (EUR 19.4 million) in 2016, almost four times that registered in 2009.
The number of employees working in the industry also went up, from 1,631 in 2009 to 2,156 in 2016.
Cluj-based Untold SRL has turned into the most important company in the area of events and concerts organizing. The organizer of Untold and NeverSea festivals had in 2016 a RON 34.2 million (EUR 7.5 million) turnover and a RON 3.47 million (EUR 761,000) profit. It reached a market share of 6.6%.