The concert industry has yet to be hit by the recession.
So far.
While almost all other businesses are floundering, the concert industry is boasting one of its best years ever.
The biz scored just under $4 billion worldwide, up 13% from last year.
Bon Jovi ranked Number 1 in sales, earning $210.6 million and drawing 2.2 million fans.
Bruce Springsteen came in second with Madonna at a close third, earning $204.5 million and $162 million, respectively.
Billboard’s concert industry writer, Ray Waddell, figures that it’s because live music is “not something you can get a fix for somewhere else.” He adds that “compared to other things [That you might need a fix for, wink wink], it’s pretty affordable.”
But he is also quick to warn that “it would be crazy to think that the economy and unemployment won’t impact ticket sales at some point.”
The economy is already under blame for the cancellation of some New Year’s Eve events.
Other concert experts are saying that ticket sales are already slowing down because people, unsure of their money situations, are waiting until the shows to buy tickets. And yet others are saying that the industry’s boost came as a result of purchases prior to the really bad economic news, and that this summer will be the true litmus test, since that’s when a lot of bands go on tour.
Gary Bongiovanni – who is editor-in-chief of concert industry publication Pollstar – says, “Even in good times the public has a hard time supporting them all, and obviously when people are unemployed they’re not going to be buying concert tickets.”
Uh-oh…. Everyone might just have to stay home this year!
[Image via WENN.]