DALLAS – Let’s start with a few anecdotes: who has the right to brag about the most lucrative concert tour of all time? The answer in a moment.
We’re asking because music is the theme since we just had the American Music Awards and touring is a big story in music right now.
The pandemic has been financially difficult in many ways for the music industry, but many musicians have been, to summon Dua Lipa – “levitating” – on payments from streaming services.
Still, the industry has criticized a lot that some streamers still don’t pay enough. Streaming income from streaming is important because this is how we get most of our music now (see page 37 here).
In streaming, if an artist is looking to hit hard, it helps to be in the Hip-Hop / R & B or Rock genres. According to a breakdown by Billboard, (see page 36 here), these genres have beaten pop, country, latin and everything in streaming.
COVID has been harder on live music
It’s the recorded music portion of the business, which has performed relatively well during the pandemic. The COVID era has been a lot tougher for live music. And like Business Insider Reports, the bulk of income for many performers still comes from touring.
This was particularly problematic in 2020, what Pollstar said was to be “the best year ever for live music”. But then the pandemic struck, and Pollstar reports that the concerts brought in just $ 1.2 billion, up from $ 5.5 billion the year before.
Their list of artists who have canceled concerts reads like a who’s who in the music business. There can be a huge pent-up demand because of this. Live Nation says concert tickets are already 10% more expensive now; and they expect the next two years to be a “roaring era” for concerts.
But will any of these tours be as profitable as Ed Sheeran’s Divide tour in 2017?
If you don’t adjust for inflation, The insider says it beats U2 with the highest grossing tour of all time, at $ 750 million. We’ll see if post-pandemic demand creates a new all-time round leader.
Want more stories like these? Watch our Right on the Money series during WFAA News at 10 p.m. wfaa.com/RightOnTheMoney for the last segments.