Who doesn’t like going to a concert? Live music is one of the most popular methods of entertainment in every age group and demographic. Part of this is because music is one of the few things on this planet that can engage the brain simultaneously. Another is the fact that there is such a wide variety of musical styles that anyone can find something they like.
The Global Music Industry
Since 2006, worldwide music industry revenues have been more than $60 billion each year.
Live music has been about 33% of these total revenues each and every year. People love listening to their favorite records at home, but investing in a musician or a band and going to a live event provides a valuable social experience.
3 Key Facts About the Live Music Industry
1. Retail sales in every sector of the music industry are declining except for online streaming music and live music.
2. Total ticket revenues from the live music industry topped $3 billion.
3. The average ticket price in 2012 was $85.93, or $20 more than it was just three years before.
Takeaway: Musicians have always made a majority of their money from touring. It might be a bit of a grind to get out on the road and do a show or two every day, but there is no better way to really get exposure for an artist’s music. Ticket prices are going up, but revenues are equaling out and staying fairly consistent thanks to VIP packages, backstage tours, and other unique events that have been added recently to the live music industry.
Other Facts to Consider About This Industry
1. The bank U2 has two of the top 5 all-time grossing music tours, generating over $1 billion in revenue combined.
2. More than 31,000 full time employees directly benefit from the work of this industry in the United States alone.
3. Live music promoter Live Nation promoted 21,000 separate events in the year 2010 by themselves.
4. The average community in the United States has at least one live music event playing at least one day per week, no matter what the size of the community happens to be.
5. The Beatles are the most covered artist by live bands, having issued over 32,000 mechanical licenses. Pink Floyd is a very close second.
6. Frank Turner has played more shows in the last 12 months than anyone else, responsible for 194 set lists.
Takeaway: Music is something that people can live without, but can you truly live without music? The live music industry will always be around because of the social desire to sing a favorite song created by a favorite band with others who feel the same way. This experience just cannot be replicated by anything else. Add in the atmosphere that music can bring to a restaurant, bar, pub, or even just a coffee shop and there’s always a venue somewhere that will allow anyone to play.