The recent trend of major artists canceling shows and even entire tours has raised questions about the state of the live music industry. Let’s delve into some of the reasons behind these cancellations:
Consumer Spending Fatigue: As the post-pandemic live music boom meets consumer spending fatigue, people are making tough choices about how to allocate their money. While artists with surging popularity still see high demand and ticket prices, others may be facing challenges.
Ticket Prices and Demand: The average resale ticket price for summer concerts has declined from last year, partly due to the absence of megatours like Taylor Swift’s “Eras Tour” and Beyoncé’s “Renaissance” outings. However, artists like Olivia Rodrigo and Morgan Wallen continue to command high resale prices.
Live Nation’s Success: Live Nation, which sells many concert tickets, reported record revenues in its concerts business. Despite facing monopoly accusations, it experienced significant growth. However, this explosive growth following pandemic reopenings may have been an aberration.
Government Data: Official government data indicates a return to a more normal pace for live music event sales after the initial boom. Movie and concert admissions prices climbed only 3.4% year over year through April, the lowest reading since 2021.
In hindsight, the surge in live music attendance post-pandemic may have been exceptional, driven by pent-up demand.
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