Live music worldwide - statistics & facts
Can one person alone push the economic performance of an entire global industry into new spheres? A “Swiftie” would surely know how to respond to this question, and in this case, it would also be backed up by numbers. In a revived and blooming industry after the glooming years of the pandemic, Taylor Swift sent literal and metaphorical shockwaves around the globe. As the industry reported record numbers in 2023, so did Swift’s “Era’s Tour”, being the first one to surpass the one-billion-dollar-threshold in revenues that year.
The ways, in which consumers can now experience live music events have also diversified across time and medium. For instance, the release of concert movies generated several hundred million of U.S. dollars in revenues globally, a realm which is also dominated by Taylor Swift. Her movie “Taylor Swift: The Eras Tour” brought in more than 260 million dollars alone, of which the majority was generated domestically. This new trend proves to be beneficial for the artists, consumers, the music industry, and the movie theaters.
The enthusiasm for live music events appears to be unshattered, as attendance is higher than ever. However, economic challenges and rising ticket prices put pressure on the consumers. Provided this development continues, it risks putting out this newly ignited flame. Consumers already start discovering new ways of experiencing live music, such as concert movies or digital and virtual concerts that could turn out to be more accessible to them, financially and physically.
Revival of the industry in light of record figures
After two years of uncertainty, in which the industry was put on hold and its figures were plummeting, live music worldwide is celebrating its comeback since 2022. And what a comeback it has been. Not only has the industry been revived, but attendance and revenue are surpassing pre-pandemic levels. In 2023, music tours reached a record revenue of 9.17 billion U.S. dollars worldwide, compared to around 5.55 billion U.S. dollars seen in the year before the crisis. In addition, global ticket sales went up to 70 million that year, a new high as well. Survey data from 2023 indicates that this trend could very well continue, as roughly one in three consumers in the United States expressed the intent to spend more on live music events during the following year.Rising prices could reshape consumer habits
The prices for live music events depend on a number of factors, such as the artists themselves, the type of event and location, as well as the seating category. Therefore, the range of pricing can differ massively across the industry. Still, on average, global ticket prices for music tours increased by around 67 percent in the period between 2015 and 2023. Dynamic pricing also influences the amounts consumers have to pay for live music events. This practice, already known in tourism and air travel and recently established by ticket providers to adapt ticket prices based on different factors (such as demand), faces mixed approval from consumers all around the globe.The ways, in which consumers can now experience live music events have also diversified across time and medium. For instance, the release of concert movies generated several hundred million of U.S. dollars in revenues globally, a realm which is also dominated by Taylor Swift. Her movie “Taylor Swift: The Eras Tour” brought in more than 260 million dollars alone, of which the majority was generated domestically. This new trend proves to be beneficial for the artists, consumers, the music industry, and the movie theaters.
The enthusiasm for live music events appears to be unshattered, as attendance is higher than ever. However, economic challenges and rising ticket prices put pressure on the consumers. Provided this development continues, it risks putting out this newly ignited flame. Consumers already start discovering new ways of experiencing live music, such as concert movies or digital and virtual concerts that could turn out to be more accessible to them, financially and physically.
