Concert ticket sales declined in 2010 but what does it look like for 2011? With the merging of Live Nation and Ticketmaster, and signing contracts with Madonna, U2, and Kanye West, things are looking up for the concert industry. It seems like the promoters are trying new ideas to sell tickets and it must be working. The new thing this year is pairing up top headliners together to sell more tickets, for example, Rod Stewart and Stevie Nicks. Some other reasons concert ticket sales may have increased are artist playing smaller venues at higher ticket prices drawing the attention of concert goers by making it a more intimate setting bringing the audience closer to the artists. Better artist packages are something fairly new and though it increases show costs it offers the fans a better value for their dollar.
According to Pollstar reports, concert business sales are up 11% in the first half of 2011 (Lewis, 2011) Totals from 50 tours added up to $1.65 billion, despite a 2/1% drop in the number of tickets sold to 194 million. This means that the bump in the total box office is the result of higher ticket prices. Ticket prices increased at an average of 13.6% or $10.23 worldwide. North American ticket prices are better than worldwide at 16.2% to $1.12 billion. I have to mention that leading the concert tours in ticket sales is U2 (my favorite band). U2 sales had a total gross of $164 million in 6-months, the last leg of their 360 Tour, now the highest grossing tour of all time.
Following behind U2 is Roger Waters with an average ticket price of $112.99 selling $97.9 million, Bon Jovi, $96.26 average ticket price, $921 million, and Lady Gaga, $96.77 ticket price, at $65.3 million. Compared to eight tours last year, 12 tours in 2011 charge more than $100 per ticket, and there were 22 tours charging more than $90 this year compared to only 12 last year. In conclusion, even though ticket sales have increased, the consumer is still willing to pay the price to see their favorite artist(s) live.
Retrieved on August 6, 2011 at http://latimesblogs.latimes.com/music_blog/2011/07/concert-business-is-up-11-in-first-half-of-2011-pollstar-reports.html
Marketwatch report on the concert industry
Sunday, August 7, 2011
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