Text 1

The live music festival business is growing in event size and genre variety. With so many consumer options, organizers are finding ways to cement festival attendance as a special experience worth sharing. This phenomenon is linked to the growing "experiential economy," where many find it gratifying to purchase lived experiences. To ensure a profitable event, venues need to consider the overall consumer experience, not just the band lineup.

Text 2

Music festival appearances are becoming a more important part of musicians' careers. One factor in this shift is the rising use of streaming services that allow access to huge numbers of songs for a monthly fee, subsequently reducing sales of full-length albums. With this shift in consumer behavior, musicians are increasingly dependent on revenue from live performances.

Based on the texts, both authors would most likely agree with which statement?

Question

Accepted Answer

Changing consumer behaviors are leading to changes in music-related businesses.

Answer

Consumers are more interested in paying subscription fees to stream music than in attending music festivals in person.

Answer

Consumers' growing interest in purchasing experiences is mostly confined to the music industry.

Answer

The rising consumer demand for live music festivals also generates higher demand for music streaming platforms.