Within the last five years, the music industry has rapidly changed due to the rise of social media and events like the COVID-19 pandemic. With so many changes in just the last year, especially in terms of the live music scene, it will be interesting to see what next year holds for concert-goers.
Here’s a list of predictions of what the live music scene will look like in 2024.
Big artists booking bigger gigs
Throughout the year, music lovers have seen big names like Taylor Swift and Beyoncé sell out stadiums around the world. Playing for close to 70,000 people per show, the two artists proved that concerts are only going to get bigger and bigger, as well as venues for musicians like them. This means older acts will most likely follow this route as well, as many like the Rolling Stones have announced massive arena and stadium tours for next year.
However, this also means there will be a lack of space for other artists to tour at these same venues — especially ones who may be a level below the likes of Swift, Beyoncé and legacy acts — because they may not receive the special access other artists with significant notoriety do.
Unstable concert conditions will continue
Since the decline in the COVID-19 pandemic, it seems like some fans have completely forgotten how to behave at a concert. This has been evident in recent events, such as when a fan chucked a phone at Bebe Rexha’s face during a live show, causing her to get stitches. It doesn’t seem like aggressive fan behavior will be going away any time soon, as a lack of staffing and security has allowed fans to get away with it.
Likewise, other potential threats like gun violence and climate change could cause unstable concert conditions, as the U.S. has had a record-high of 630 mass shootings this year and the government has not done much to prevent the destruction of the environment.
More concert movies
Swift and Beyoncé also proved their innovative business strategies by filming their summer tours, bringing them to movie theaters all over the world. Containing footage behind the scenes and live performances of fan-favorite songs, the two singers have paved the way for other artists to do the same. The strategy also makes the live concert experience more affordable for fans who cannot pay for concert tickets, making it an easy and convenient way to see your favorite artist on the big screen.
According to CNBC, Swift’s “Taylor Swift: The Eras Tour” has so far collected $150 million in the U.S. and $200 million globally, while Entertainment Weekly reported that Beyoncé’s “Renaissance: A Film by Beyoncé” has made $6.4 million in the U.S. and $27.4 million globally. This also proves the financial gain artists receive from transforming their tours into films, which will most likely increase going into 2024.
Concert ticket prices will be at an all-time high
As proven with this year’s array of major tours, concert ticket prices have skyrocketed due to availability, demand and inflation, making it extremely unaffordable for some people. Variety reported that prices have increased by 35% since 2019, with 39% of fans saying it has prevented them from seeing their favorite artists, and as a result, they are going to fewer concerts.
However, some fans are willing to pay vast amounts of money to see their favorite artists and can do so due to dynamic pricing, which gives fans an array of prices that are different per day on sites like Ticketmaster. Meanwhile, the growing resale market has also made prices soar, as fans buy original tickets to resell and make a higher profit.
In the Variety article, Catherine Yi, a talent strategy executive at United Talent Agency, said, “When people really care about a show, they’ll do whatever it takes to attend. People prioritize live music events in their disposable spending — they’re willing to open credit cards, do payment plans and splurge when it’s important to them.”
