Despite inflation, 9 in 10 music fans won't be cutting back on concerts

AFTER three chaotic years due to the Covid pandemic, the live music industry is now recovering. However, rising prices are threatening an already fragile sector. But artists and music professionals can nevertheless count on the unwavering support of music fans.

The Bandsintown platform, which provides its 75 million users with information about concerts in their area, looked into the intentions of music lovers when it comes to live entertainment. It asked 2,200 of its users whether or not they plan to attend live music events in the next few months.

More than 86% of those surveyed say they plan to attend several music shows this year, according to the Bandsintown survey, reported by the Hypebot website. In fact, some 49.5% say that they plan to go to more concerts in 2023 than the previous year.

These statistics show that music fans are not willing to sacrifice their passion, despite the general rise in the cost of living. Even more surprisingly, 86.9% of those surveyed say there is no doubt in their minds that they will have to cut back on certain expenses to continue to afford concert tickets. They are willing to eat out less often, not buy new clothes, cancel streaming service subscriptions, and even travel less to be able to see their favorite artists perform.

The few music lovers who plan to go to fewer concerts this year (13.5%) explain their choice by the increase in ticket prices, inflation, or the fact that their favorite artists will not be touring in the coming months.

The Bandsintown survey brings a ray of hope to an industry plagued by uncertainty, despite seeing very good financial results in 2022. Indeed, the world's major tours grossed some $6.28 billion last year, according to the specialized site Pollstar.

An increase of 13.2% compared to 2019. But this apparent prosperity does not prevent some players in the sector from experiencing significant financial difficulties. Bands such as Animal Collective, Primus and Anthrax have even had to cancel several concert dates due to the global economic context.

Meanwhile, many small and medium-sized concert venues are on the brink of collapse because of soaring costs, especially energy costs. In the United Kingdom, they spent more than £499 million (about $607 million) in 2022 to keep running.

However, their turnover amounted to some £500 million, which means that these venues are struggling to remain viable. Hopefully, fans' appetite for live music performances will help reverse this trend.