This article shows that in a post-lockdown world, live music has become a crucial way for communities to reconnect, with concert attendance rising by 20% from 2022 to 2024.
However, this surge in attendance has been accompanied by a sharp increase in concert ticket prices, making them inaccessible to many.
Ticket prices have risen by 27.38% since 2019, with stadium concerts seeing the highest increase of 35%, largely driven by high-demand tours like Beyoncé’s Renaissance Tour and Taylor Swift’s Eras Tour.
Several factors contribute to the rising cost of concert tickets:
- Inflation and Touring Costs: Inflation rose by 23.3% from 2019 to 2024, but ticket prices surged by 43.89%. Touring involves high costs, from equipment and labor to transportation and accommodation.
- Post-Lockdown Demand: The demand for live music post-COVID has led to a competitive ticket-buying landscape. Taylor Swift’s Eras Tour, for instance, faced 14 million fans competing for 1.5 million tickets during presale.
- Impact of Streaming: With streaming revenues being significantly lower than traditional album sales, artists are increasingly relying on tours to make up for lost income. The average music stream generates only $0.004, which has led to higher concert ticket prices as artists seek new revenue streams.
Fans are willing to spend significantly to see their favorite artists live, with surveys showing people would spend over $1,000 on floor seats and travel up to 500 miles for a concert.
However, the overall cost of attending a concert extends beyond the ticket itself, including travel, accommodation, merchandise, and food expenses.
The article also delves into the monopolistic practices of Ticketmaster and Live Nation, which control 80% of the ticketing market, adding to the ticket price woes.
The piece concludes with a reflection on the trade-off between the convenience of cheap streaming and the rising costs of live music, challenging consumers to consider whether they value affordable music or affordable live experiences more.
Source: The Affordability of Live Music
