Live music set to generate $25 billion per year by 2023
It’s no secret that live music is on fire right now, and indeed we often hear music industry stories that there’s now much more income to be made from live shows, festivals, and touring, than the old fashioned method of recording some music and selling it to people. That is certainly backed up by a new report from consulting firm PricewaterhouseCoopers, which states that by 2023, live music ticket sales will exceed $25 billion globally per year.
The report, which is titled Global Entertainment & Media Outlook 2019–2023, is admittedly quite long and complicated, but in short, there are some interesting snippets nestled in there. The report cites major artists such as Ed Sheeran, Taylor Swift, and power-couple Jay Z and Beyonce as a prime example of growth, each having tours that grossed over $100 million in 2018. But from an EDM perspective, it was, perhaps unsurpringly, Calvin Harris, The Chainsmokers, and Tiësto who were cited as being serious players when it comes to the huge increase in ticket sales.
Of course, it’s not just the about the artists – you can’t make money without fans to pay for tickets in the first place, and the report also details how emerging markets in the Far East have seen massive growth in past few years, with China in particular expected to see their “absolute growth” in media and entertainment surpass the US for the first time in the next five years.
Certainly exciting times ahead for live music, so keep buying those tickets. Take a look at the full report here.