You don’t need to be told that the cost of going to a concert is higher than ever. But why? What’s the cause of the rapid increase in the price of gig tickets?
Part of the reason is that acts know they can push things because their fans will pay whatever it takes. And given that most performers are making practically nothing from selling or streaming music, they need to maximum revenues from playing live.
But there are other factors at work. Fox Business takes a look.
“Concert tickets reached record-high prices in 2019, according to year-end data compiled by trade publication Pollstar.
“The Rolling Stones brought in $177.8 million playing just 16 shows in 2019. Their most profitable two-day concert in August at Metlife Stadium in New Jersey reached 100-percent capacity with tickets sold between $30 and $500, earning the band $25.5 million in total, according to the data.
“The rock band also reached 100-percent capacity at its two-day Chicago show in June for the same ticket price range, raking in a total of $21.7 million.
“The average price for a concert ticket in North America increased 55 percent over the past decade to nearly $95 for the top 100 artists. Gross earnings per concert also more than doubled since 2010, reaching $958,000 per show, and the number of tickets sold in 2019 reached 39.2 million for the same group of artists, according to The Wall Street Journal.”