GTHT has released a research report indicating that the performance market has shifted from recovery-driven growth to a phase characterized by supply expansion and efficiency competition. Core metrics for commercial performances nationwide continued to grow in 2025, with industry evaluation standards gradually pivoting toward refined operational dimensions.

Artists and intellectual property rights holders control the gateway to demand, leveraging content scarcity to secure considerable bargaining power. Profits are more likely to accumulate in segments that control scarce resources, establish unified trading networks, and continuously build user relationships. The report suggests focusing on three primary investment themes: ticketing platforms, venue operations, and high-quality copyrights.

Market shifts from recovery to efficiency-driven supply growth

In 2025, the number of commercial performances, box office revenue, and attendance figures continued to rise, keeping both supply and demand active. However, the growth rate of performance count has outpaced attendance growth, placing higher demands on occupancy rates, per-show output, and refined operations due to new supply. By segment, large-scale performances leverage top-tier artists, scarce content, and cross-city audiences to create strong box office agglomeration, resulting in higher per-show revenue. Yet, these events also carry significant volatility, as scheduling, approvals, transportation, and weather can all impact execution.

Tourism performances rely on destination foot traffic, offering high supply frequency and longer operational cycles. Their revenue stability depends on location advantages, product iteration, and channel conversion. Theater performances constitute a vital part of daily urban cultural consumption, featuring a more fragmented market where content reserves, scheduling efficiency, and user repurchase rates determine operational quality. While all three segments have room for expansion, industry benchmarks are shifting from total counts of shows and box office to metrics like occupancy rates, content reuse, and user retention.

Bargaining power in the value chain hinges on scarcity control, risk assumption, and cross-project resource reuse

Artists and IP rights holders command the demand entry point, wielding considerable pricing power through content scarcity. Promoters connect content procurement, production, marketing, ticketing, and on-site execution, bearing box office, cost, and compliance risks. They enjoy higher earnings elasticity but relatively lower stability. Venues influence revenue ceilings through location, capacity, and scheduling; operators adept at continuously sourcing quality content and developing comprehensive consumption capabilities are more likely to generate stable cash flows.

Ticketing platforms link content, venues, and audiences, serving an infrastructural role in identity verification, payment settlement, inventory management, refunds, after-sales, and user operations. The industry features numerous participants and a pronounced project-based nature, resulting in a fragmented landscape. Competition among ticketing platforms remains relatively stable, with ongoing expansion into marketing, membership, data, and content services. Profits are more likely to settle within segments that control scarce resources, form unified trading networks, and persistently accumulate user relationships.

International benchmarks: competitive strength stems from sustained reuse of content, venues, ticketing, and user resources

Global live entertainment leader Live Nation concurrently manages concert promotion, venue operations, Ticketmaster ticketing, and sponsorship advertising, connecting artists, venues, brands, and audiences through a unified network. Concert promotion generates the bulk of revenue and foot traffic, while ticketing and sponsorship, characterized by asset-light models and network effects, contribute higher margins. User data supports project acquisition, pricing, and marketing. The venue network expands content capacity and provides entry points for ancillary revenues like ticketing, sponsorships, concessions, and parking.

London's West End and New York's Broadway extend the lifecycle of productions through a mix of long-running shows and new releases, high-frequency scheduling, and touring distribution. After initial market validation, mature works can amortize upfront investments through revivals, cast rotations, multi-city tours, regional licensing, and cross-media adaptations, repeatedly leveraging venues, ticketing, and audience networks across different markets. These international cases demonstrate that scale expansion must be rooted in reusable resources and synergy mechanisms; merely increasing the number of projects fails to sustainably improve profitability.

Three investment themes worth watching

First, ticketing platforms connect content supply, venue inventory, and audience demand. Their technological systems and user accounts are reusable across venues, cities, and projects. As transaction volumes grow, network effects and profit accumulation emerge. Priority should be given to platforms that consistently secure top-tier projects, hold significant transaction shares and active user bases, and can extend ticketing traffic into marketing, membership, and content services.

Second, venue operators can diversify revenue streams around stable foot traffic through ticketing, sponsorships, concessions, parking, and commercial space. Focus on professional operators with long-term rights to quality venues in core cities, stable base management fees, light capital expenditure pressures, and proven abilities to continuously source content and develop comprehensive consumption offerings.

Third, high-quality copyrights, once market-validated, can extend revenue cycles through residencies, revivals, multi-city tours, regional licensing, and cross-media adaptations. Look for content companies holding long-term core copyrights, a mature project pipeline, and cross-regional distribution networks capable of consistently launching works and achieving multi-round monetization.

Risk warnings: box office underperformance risk, artist misconduct risk, ticketing after-sales disputes, intensifying competition, and regulatory tightening.