The Rising Price of the Concert Experience
Have you, like many music fans, been cutting back on your live music experiences because of the high cost of tickets? There are a few problems with the industry right now that’s frustrating for concert-goers and musicians alike.
You may have had planned to see your favorite artist and fallen victim to a process known as dynamic pricing which is a strategy to adjust prices based on demand with the intention of keeping it off the secondary market and boost revenue. If the trend continues, consumers will keep paying an average of 20% more than they were paying pre-covid.
Other factors that have had an impact on ticket prices include things like: artists becoming more reliant on concert proceeds to make up for income that was once from songs, but has dropped due to streaming services. There has also been an increase of production costs associated with live shows. Fees are also adding to the bottom line of a live, in-person, concert experience. You may start with a price that is palatable, but after convenience fees, processing fees, service fees, etc. the price you end up with is much higher.
According to a study by SeatGeek and ticketiQ, the average price for Taylor Swift tickets is $2424.00 with Drake coming in at $600.00 and The Weekend at $350.00. Some insiders claim that concert and festival ticket prices may go down as showtime nears, but this isn’t always a winning strategy and fans can ultimately miss out.
Unless something drastically changes in the near future, many music fans may have to cut back on the amount of shows we attend. In the meantime, music fans may have to resort to scouring for deals, and other alternate ways to find a realistically priced, memorable experience with their favorite musicians.