Live music venues and concert goers are likely to take a financial hit in the near future, as venues spend more on security measures following the Paris terror attacks, an industry expert has told CNBC.
Last month, 130 people died after a series of co-ordinated attacks by gunmen around the French capital. 89 of the victims were attacked at the Bataclan concert hall during a performance by Californian band Eagles of Death Metal.
Following the attacks, ticket sales in Paris fell 80 percent compared to the year before and several shows were cancelled as a safety precaution, according to industry representatives Prodiss, who have made a public appeal for an emergency fund of 50 million euros ($54.5 million) to offset the impact on affected businesses.
In Europe, the live music sector is estimated as being worth 8 billion euros ($8.68 billion) in 2014 and will rise to 8.06 billion euros this year and 8.15 billion euros in 2016, according to market analysts Ovum. But how much will the attacks at Bataclan affect the sector?
"I guess the short answer is yes the live sector in Paris, France and probably the rest of Europe will be very much affected," Simon Dyson, practice leader for music at Ovum, told CNBC in an email.
"Apart from artists cancelling tours and appearances, promoters will have to up their spending on security, which will mean either tickets will become more expensive or promoters will take the hit.
"Promoters already operate on thin margins and so another layer of costs will hit them hard. Artists may increase fees as well because of the unease," he added.
According to Dyson, smaller venues will be more affected by increased security costs than larger venues, such as stadiums and arenas which already have tight security.
"Where it will hit is at the smaller club circuit," explained Dyson. "In most countries in Europe, clubs find it tough enough to stay in business and so anything that has a negative effect on ticket sales or artist availability will add unwelcome pressure."
Music venues in the U.S. may also need to add stronger security to attract event goers.
A survey, released this week by digital marketing platform SpinGo, looked at how the Paris terror attacks may have impacted public opinion on attending live events. It found 1 in 3 Americans now worry about a violent attack happening at a live event following the incident in Paris.
More than half of the 1,037 participants of the survey said live events need to increase security measures, though 76 percent still felt live events were safe.
"Event goers are seeking positive, memorable experiences," Kreg Peeler, SpinGo CEO, said in a press release.
"Event attendees should feel safe at live events, and most do, but it's the responsibility of the event organizer and venue to create an environment that feels safe for everyone."
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