Revenue / 12.18.23
Live Music Business Outlook: 2024 Has a Tough Act to Follow
Variety (12/14/23) Franklin, McKinley
With a record year for concert ticket revenues now ending, many are wondering if 2024 has any chance of equaling or even topping the past 12 months. The global ticket gross for the top 100 tours of this past year topped $9.17 billion, a 46 percent increase over the previous year, reports Pollstar. The concert box office has always hinged on how successful the line-up is on stages worldwide. Taylor Swift's historic Eras Tour is currently extending its run well into the new year. Other A-list acts joining 2024's slate include Madonna, Blink 182, and Morgan Wallen. Catherine Yi, a UTA talent strategy executive, expects the industry will be able to sustain itself in 2024 as more than 50 percent of those who frequent live music events anticipate their own attendance to increase in the next 12 months. She also cited data showing live music-goers willing to open new credit cards just to buy concert/musical festival presale tickets. "I don't know if that's the best economic decision, but we are seeing that these people are willing to splurge," Yi concludes.
Read the full story from Variety.
Tags: Revenue , tours