Report: 'Corporate Interest In Music Partnerships Never Greater'
According to IEG, the largest percentage increase in sponsorship spending this year will come from music properties. In a new report, the sponsorship consultancy predicts North American companies will spend $1.17 billion to sponsor music venues, festivals and tours in 2011. The firm says its a 7.3% increase from 2010.
"Corporate interest in music partnerships has never been greater," said William Chipps, senior editor of IEG Sponsorship Report.
The report says spending will be driven by aggressive spending in the apparel, automotive, insurance, personal grooming, retail, technology and telecommunications categories. Much of the growth will be in multi-day music festivals, IEG says. Other categories being included in the study include tour sponsorships and venue naming rights deals.
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