Good News, Bad News
The good news is that, after years of battling lockdowns, concert season will finally be back in full swing this summer. The bad news is that this pent-up demand for live entertainment means lines to see crowd favorites like T Swift, The Boss, and Queen Bey are going to be down the street and around the corner.
According to data from Live Nation (LYV), event attendance was up 24% in 2022 and is projected to soar even higher this year. And the Wall Street Journal (NWSA) has already labeled 2023 “the year of the $1,000 concert ticket.”
Live Nation, who also owns major ticket marketplace Ticketmaster, will surely be rocking out to this news all summer long. But it may be a record scratch moment for the average concert goer.
According to ticket search engine SeatGeek, the average resale ticket price in 2022 was $252 — up from $125 in 2019. Ticket prices are projected to get even worse in 2023.
This surge in pricing is mainly due to resurging demand. That’s not to mention the usual culprits for soaring prices in 2023: lingering supply chain woes and stubbornly high inflation.
But concerts themselves are also getting more elaborate. Fireworks, backup dancers, and even multiple costume changes have become the norm. To stand out in a crowded field, entertainers are dialing up drone shows, incredible props, and guest appearances, too.
How to Prepare
So far, consumers have shown a willingness to dish out top dollar to see big ticket names. But, as the job market starts to cool and the economy continues to weather turbulence, the heightened demand will likely start to fade.
Scoring tickets to see one of your favorite entertainers live can be a highly effective way to spend extra cash and create memories that last a lifetime. But going into debt for discretionary expenses is never worth it. To make the experience more affordable, do your best to book tickets as early as possible and try to avoid buying a $60 concert t-shirt if it’s outside your budget. And if you know the temptation will be too great to resist, it might just be worth settling for the livestream.
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