IEG Predicts Rise in Music Sponsorship
North American-based companies will spend $1.09 billion to sponsor music venues, festivals and tours in 2010, IEG says. This is a 4.2 percent increase from the $1.08 billion that IEG says was spent on music in ’09.
“Music remains a vital passion point for consumers, and marketers are increasingly aligning with music events, tours and venues to tap into that passion,” said IEG's William Chipps.
The increase outpaces IEG's projected 3.4 percent rise in total sponsorship spending and represents the third largest increase in spending among the major property types, following causes (6.1 percent) and entertainment tours and attractions (5.7 percent).