Music festivals and concerts are raking in profits from experience-seeking young consumers.

Music festivals and concerts are raking in profits from experience-seeking young consumers.PwC predicts the live music industry will balloon to $30 billion by 2022, and Millennials are driving that growth. Nearly three in ten Millennials went to a music festival in 2017, according to Eventbrite—a 17% jump from 2014. Two major reasons they’re going are to escape daily realities and to connect with a community. Festivals are cropping up to cater to those needs, from Burning Man-style arts and culture gatherings like Afrikaburn to electronic music-packed events like Electric Forest. (Inc.)