‘Blue dot fever’? What's really behind a tricky summer dynamic for live music
This summer, rising ticket prices for live music are causing some fans to feel priced out of attending concerts. A growing divide is emerging where higher-income consumers continue to spend on live events, while lower-income consumers are pulling back due to economic pressures. This shift is leading to concerns about the sustainability of the live music market, with some artists canceling shows due to poor ticket sales.
- ▪Harry Styles is performing a 30-show residency at Madison Square Garden, drawing significant attention.
- ▪Many consumers, like Shira Elfassy, feel priced out of concerts due to high ticket prices, with basic seats costing around $500.
- ▪The current economic climate is creating a K-shaped demand curve in live music, where higher-income consumers are spending more while lower-income consumers are reducing their spending.
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This summer, mega artist Harry Styles will take the stage at Madison Square Garden in New York City for an exclusive 30-show residency – his only planned stop in the country and a show that's garnered intense attention since its announcement.Despite her best efforts, Shira Elfassy won't be there."His tickets were absurd," Elfassy, 29, told CNBC. "It felt like an insult going in and seeing, like, not only can I not get in, not only are there no tickets left, but even then, the most basic price point is $500 for a nose-bleed seat — and this is becoming commonplace."Instead, Elfassy said she got tickets to see other artists live, like Florence + the Machine and Olivia Rodrigo, at far lower price points.
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