Live music is officially back and bigger than ever as concert demand reaches a record high. After the pandemic obliterated the live music scene in 2020 and 2021, the latest earning reports from Live Nation show concert attendance is at an all-time high.
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Compared to Q2 in 2019, Live Nation saw substantial increases in show count, attendance, tickets sold, and onsite spending. The latest financial reports show an increase of over 20% with 33 million fans across 12,500 shows. Live Nation CEO Michael Rapino attributes this growth to fans’ overwhelming desire to be back outside enjoying live events.
“With most of the world fully re-opened, it’s clear that concerts remain a high priority for fans,” says Rapino. “Consumers are seeking out and spending more on experiences, and the growing demand we are seeing for live music and events is driving our business to record levels, far outpacing any macro issues or cost increases.”
The 100 million tickets sold for concerts this year already surpasses the total from 2019. Simply put, 2022 is on the fast track to becoming the biggest year for tours in music history. This is also due, in part, to the fact that a massive number of major artists happen to be touring this year. Music fans are lining up in droves as artists like The Weeknd, Kendrick Lamar, Tyler, the Creator, and Harry Styles continue to set the Summer stages on fire. Interestingly, the average entry price for concerts has remained at an affordable $33, a mere 5% increase from 2019. Additionally, market-based pricing will allow Live Nation to shift over $500 million from the secondary market to artists this year.
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