Blog Post

Headlinesn > Business > How ‘Swiftonomics’ is impacting the music industry
ec3a1800 25a0 11ef 8b8c 51da4a2ef232

How ‘Swiftonomics’ is impacting the music industry

Since the pandemic, touring has become an even bigger part of the music industry’s revenue base.

Having been cooped up for months and unable to see live performance, music fans grabbed the opportunity to get back to what they were missing.

Will Page has looked at the UK numbers for 2022, and they are startling.

Recorded music earned more than £2bn, much of that through streaming services and some from the re-discovery of vinyl.

In live music, there were fewer gigs, down 26% on the pre-pandemic year of 2019.

Stadiums and festivals were down 14%, arenas were down 22% and theatre venues down 43%.

But people were willing to pay a lot more for tickets – £100 to £150 is not unusual – and revenue went up 22%, the total also rising above £2bn.

So across recording and performance, revenue rose from £3.2bn in 2019 to £4.1bn in 2022.

That’s a big bounce back from the pandemic, but one that is being focused more and more on big artists in big venues.

Back in 2012, the spend on live music was £1.3bn, and stadium concerts and festivals took in 23% of that.

Ten years later, the stadium and festival share of £2.1bn in takings had more than doubled to 49%.

Mr Page said: “It’s a much bigger share of a way bigger pie.”

#Swiftonomics #impacting #music #industry

Leave a comment

Your email address will not be published. Required fields are marked *