Tickets for Concerts Still Hot Sellers
Celine Dion Show, Coldplay Concert Popular Despite Downturn
Feb 11, 2009
The economic downturn has failed to keep fans away from buying tickets for concerts, according to a leisureblog post in the January 12, 2009 of The Chicago Tribune.
Although times were tight in 2008, revenue for concert sales in the United States were up 7.8 percent to $4.2 billion. Ticket sales, however, did drop by three percent which means that in 2008, ticket prices were still high. Fans paid an average of about $67 for a ticket to the 100 top-grossing shows.
Concert promoters believe that when people are facing unemployment, the loss of their career dreams and see their family and friends suffering the same ills, they will always find the cash to escape at a good concert even if that means buying cheap concert tickets.
Ticket Buying Only Part of Financial Success
Promoters, however, do not lose site of the financial realities. Currency rates play an enormous role in the success or failure of an upcoming concert tour. On tradetnt.com, the November 16, 2008 article Concert Promoters And Bands Protect Themselves During Economic Crisis points out that the strength of the U.S. dollar against other major currencies during this worldwide economic crisis is helping bands keep their head above water.
Bands can spend less on accommodation and food with the strength of the American greenback. This advantage only applies to those artists, and their promoters, who negotiated their tours in U.S. dollars as opposed to any local currencies.
Ticket Buying, Concert Ticket Sales Become Creative During Tough Times
Concert promoters and bands must get more creative during challenging economic times. Price points on tickets for concerts must be more deeply debated so that even the big name bands and performers do not price themselves out of an increasingly more price-sensitive market.
For example, as reported in the January 19, 2009 edition of The Guardian Newspaper at guardian.co.uk, concert tickets for sale for a summer 2009 concert by singer Dionne Warwick offered a buy-now, pay-later deal. This downturn deal allowed concert goers to defer payment by a few months to pay by March 2009.
Celine Dion Show, Coldplay Concert Maintain Strong Attendance
Are musicians scared off by the economic downturn and scaling back on their tour expectations? Blockbuster singer Janet Jackson cancelled her February 2009 Japanese tour dates as part of the Rock Witchu tour as a result of the economic downturn.
In the December 12, 2008 edition of Rocky Mountain News, Gary Bongiovanni, editor of concert-trade magazine Pollstar, said that the uncertainty is striking artists hard.
He notes that fans continue flocking to concerts to see highly popular artists, such as AC/DC, Metallica, Celine Dion, Coldplay, Paul McCartney and Britney Spears. Artists that are mid-range in terms of popularity will suffer most during these times.
Ticket buying and concert ticket sales are relying on dramatic and innovative marketing and consumer measures in tough economic times. For now, it appears that concerts by leading acts are providing a few hours’ break from their deepening financial troubles.
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