The prices for concert menu are climbing, but music fans don’t care for it

Live Nation CEO: Live Entertainment is a very scarce good

In 2025, Billie Eilish and Sabrina Carpenter to Kendrick Lamar and Sza promise one other big 12 months for live music events. This may also mean that concert goers exploit more for his or her favorite shows.

After steadily filming, theaters and concert events, in line with the pandemic of increased admission, the Bureau of Labor Statistics consumer price index has increased by 20%since 2021.

And yet consumers have shown a high tolerance for the increasing price, which can also be known as “funflation”.

Concert visitors accepted a mean of seven shows in 2024 and most plan to see more in 2025, as a current report by recently from Couponcabin.

The survey of greater than 1,000 music fans in December showed that just about 36% information to issue 100 to 499 US dollars for concert tickets in 2025 spending greater than 17% as much as $ 1,000.

It circles to 'funflation'

After the Americans tested recent borders in 2024, they proved to be willing to catch them abroad to Splurgen-Sogar on travel shows reminiscent of Taylor Swift's Eras tour and produce the so-called passion tourism into the highlight, some experts say.

Younger adults, especially Generation Z and Millennials, have even said that they’d be owe to pursue a few of these experiences, others Show newer reports.

Almost two of 5 gene Z- and Millennial travelers have spent as much as 5,000 US dollars for tickets for destination live events. Studied Bread Financial found.

Why concert tickets were so expensive

Dynamic pricing is partly in charge for the escalating price, in line with Joe Bennett, a forensic musicologist at Berklee College of Music.

Dynamic prices originally shaped by economists within the late Twenties, the duty of the next price refers to higher demand. Consumers often mix it with changing ticket prices for airlines or how the travel services adapt the tariffs at busy times, said Bennett.

“We all know that if you are looking for a Uber or Lyft, certain night times are more expensive. The market seems to have adapted to it,” he said. “But concert tickets were generally a fixed price.”

That isn’t any longer the case. And now there may be a consciousness and controversy in practice in relation to buying highly sought-after event tickets.

More from personal funds:
“I cry a lot, but I'm so productive, it's an art”
RECENTION POP: How music meets economic trends
“I'm looking for a man in finance”

How and when dynamic pricing is used, in line with Andrew Mall, an Associate Professor of Music at Northeastern University, on the discretion of the artist or management – and is commonly determined under the radar.

With so many more moderen top -class tours “, however, the dynamic pricing is for the focus on the attention of concert goers,” he recently told CNBC.

Ticketmaster is examined in Great Britain because he used the recent use of dynamic pricing to sell Reunion concert events from Britpop Band Oasis.

Many Oasis fans went to social media to complain that they showed the nominal value of the ticket unexpectedly greater than twice as high. The band said it will hand over The practice for the North American leg of his tour.

Swift supposedly refused to dynamically evaluate her tickets for the Eras tour because “she didn't want to do this to her fans,” said Jay Marciano, Chairman and CEO of AEG Presents, who promoted the event Double daily in October.

How the ticket prices have developed

Overall 21st Century has earnings from recorded music went down During revenue from live music events has increased. In the mid -2000s, concert events “formed” a bigger source of income as record sales or publication licenses, “the economist Alan Krueger wrote in one Paper In the economic questions and trends in the Rock'n'roll industry.

The sales of the live music industry increased by 25%in 2023, according to data from data Statesman.

Ticketmaster presented an early version of the dynamic ticket prices for the first time in 2011, which is now the standard for live music ticket sales.

In recent years, “ticket sales” has been driven by post-pandemic demand and an increase in the Megastar Stadium tours, said Bennett.

“You can see why it’s tempting,” he said. “The live music industry consistently leaves money on the table that the fans would pay. Dynamic prices are within the face of the forces in the sport, but I don't need to live in a world through which it costs 1,000 US dollars To see Taylor Swift for my daughter. “

Nevertheless, it is now common for ticket sales platforms to be more calculated for the event at a certain point in time-or not, according to Matt Schulz, Chief Credit Analyst from LendingTree.

“It will not be very talked-about how you possibly can imagine,” said Schulz. “Companies and musicians attempt to see what the market will wear and it makes consumers really difficult.”

Why expensive tickets stay here to stay

“Consumers don't like the concept of ​​dynamic pricing, but there may be a renewed” Yolo “. [you only live once] Attitude in recent times since pandemic and increasingly driving a devilish approach to May care approaches for the expenditure for discretionary experiences, ”said Greg McBride, Chief Financial Analyst at Bankrate.com.

Even if household budgets are tense: “You will reach a point where there are only a few experiences where consumers draw the border and say that I don't want to give up,” he said.

Ticket sellers are apparently aware of this mentality.

“Our research results consistently show us that concerts for discretionary editions have a top priority, and one of the last experiences will reduce fans,” said Live Nation in a single Quarterly call call in 2023.

However, since consumers still don’t save costs for his or her favorite artist or their favorite group, which means that dynamic prices need to stay here at the least in the intervening time.

“The live music sector has been leaning into this attitude for a long time,” said Mall from Northheastern University.

image credit : www.cnbc.com