Live concerts have revived again after the blow they suffered 3 years ago due to the Corona pandemic, which forced concerts to stop.
Concert revenue could break the previous record in 2023, according to data from Pollstar, a company that specializes in monitoring the live entertainment industry for decades.
Clarity of the live music industry
In 2023, the 100 largest tours worldwide generated revenues of more than $9 billion, beating the last record set in 2022 by almost 50% , which was over $6 billion.
Several factors contributed to this result: an 18% increase in ticket sales despite a 23% increase in average ticket prices.
Two famous tours brought revenue to the live music industry: Taylor Swift’s new album “Era’s Tour” and Beyoncé’s “Renaissance Tour”, which, along with Bruce Springsteen’s latest world tour, accounting for over 20% of total live music sales.
Emergency covid
In 2020, the live music industry was dealt a devastating blow when concerts came to a complete halt, coinciding with lockdown measures.
After canceling tours and concerts, the fate of artists became ambiguous, especially since this industry is very dependent on human gatherings.
As the world adjusted to the new situation, the music industry took the same approach, and began to rely on virtual concerts and live streaming concerts as a temporary solution.
These solutions were able to provide a lifeline for artists and fans who wanted to attend concerts, but at the same time they were not at the level of live concerts.
This difference explains the jump in concert revenue once restrictions were lifted, and scarcity and appetite for these concerts contributed significantly to this recovery.
But it is worth noting that this recovery has not been smooth for some parts of the live music industry, especially for smaller projects that have struggled due to the pandemic. .
The dire conditions surrounding these small businesses have been exacerbated by ongoing labor shortages after many workers in the industry found other jobs during the pandemic.
Source: Statesman
