Beyflation: Rising Live Music Costs
The cost of certain goods is retreating in some places, but that doesn’t include live music. Fans are shelling out a fortune for tickets to see the world’s biggest music acts, with the United Kingdom’s recreation and culture prices rising 6.8% in the year to May 2023, their fastest in 30 years. The largest effect is from cultural services, “particularly admission fees to live music events.”
However, some questioned the idea that concert prices could have an appreciable effect on inflation. Andy Gensler, executive editor of Pollstar, called it a “ridiculous assertion” that Beyoncé’s shows would affect inflation.
Global Surge in Live Music Demand
Across Asia, crowds are flocking to see marquee names like Bruno Mars, Coldplay, and the Backstreet Boys. In India, fans are happy to pay a premium for quality entertainment.
A recent survey from U.S. event management company Eventbrite showed 80% of consumers want to go out as much or more this year, even as fans endure the cost and difficulty of securing tickets to big events. Live Nation Entertainment CEO Michael Rapino said last month that ticket sales had risen 41% in the first quarter, with prices up by double digits.