2010: The worst year for live music

Picture courtesy of http://www.corbisimages.com

It’s official: 2010 was the single worst year for the concert industry yet.  Not only is this the popular opinion of the public, but the experts as well. Ticketmaster’s CEO, Nathan Hubbard,  even stated, “2010…was the single largest year-over-year decline in the history of the live event business, straight up, in the 35 year history of Ticketmaster and I think anywhere else”.

Hubbard pointed out some of the main issues about the industry’s mysterious decline during an interview with Topspin.  He noted, “There are things about buying the ticket that suck.  There are things about going to the show that suck”, indicating that until concert promoters are able to heighten the live music experience of fans, the numbers against the industry will continue to grow. According to Live Nation’s financials chart, their company alone had lost $228,390,000 in concert sales by the end of 2010.

The main contributor to sale declines is believed to be the high cost of tickets and merchandise at live shows.  Hubbard said, “The compound annual growth rate for ticket prices has been 5-8 percent, since the beginning of time-so it’s just continued to inch up, and the decline in recorded music sales accelerated that for sure”.

In the end, this problem is only a reflection of many of the Catch-22’s in the music world. Fans still have an issue with the price, an issue whose solution, at this time, does not seem feasible.

~ by bristolstudios on July 27, 2011.

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