The live music industry is experiencing a significant shift as several high-profile artists announce changes to their touring plans. The Black Keys have recently made headlines by canceling their stadium tour in favor of performing at smaller venues. This decision comes amid a broader trend of tour cancellations and adjustments, raising questions about the sustainability of the post-pandemic live music boom.
Jennifer Lopez also announced the cancellation of her 2024 tour, citing a desire to spend more time with her family. Both Lopez and The Black Keys have faced scrutiny on social media, with images circulating that purportedly show empty seats at their concerts. While the authenticity of these images remains unverified, they have fueled speculation about declining demand for live music events.
Data from SeatGeek indicates a decrease in the average resale ticket price for summer concerts, dropping from $257 last year to $213 this year. The absence of mega-tours like Taylor Swift’s “Eras Tour” and Beyoncé’s “Renaissance” tour may partly explain this decline. However, for artists who remain at the peak of their popularity, demand and ticket prices are still high. For instance, tickets for Olivia Rodrigo’s “Guts” tour are reselling for an average of $571, while Morgan Wallen’s tickets average $409.
Ticketmaster and its parent company, Live Nation, continue to dominate the ticket sales market. Despite facing accusations of monopolistic practices, Live Nation reported record revenues in the first quarter of this year, with $3.8 billion in total revenue and a 26% increase in its concerts business. The number of “estimated fans” attending concerts globally also rose by more than 20%, with a 42% increase in North America.
Official data from the U.S. Bureau of Labor Statistics suggests a return to more normal levels of live music event sales. Movie and concert admission prices increased by just 3.4% year over year through April, the lowest rate since 2021. This slowdown follows a period of explosive growth in live music attendance after pandemic restrictions were lifted.
Dave Clark, editor of Ticket News, believes the surge in live music attendance post-pandemic may have been an anomaly. People were eager to attend as many shows as possible after being cooped up indoors for months. Now, with many consumers struggling to afford basic necessities, high ticket prices are becoming a deterrent. “People are seeing some of the prices they’re asking and just saying, ‘Hard pass,’” Clark said.
Another issue is the oversaturation of the market. With too many artists touring simultaneously, the competition for fan dollars is fierce. In the past, bands toured to promote their albums. Today, the reverse is true; artists release albums to support their tours, as the returns on recorded music have diminished.
The Black Keys recently released a new album, with its debut single reaching No. 1 on Billboard’s Alternative Airplay chart. Despite this success, the band decided to cancel and reschedule their summer tour, opting for smaller venues that offer a more “intimate experience.” The new tour dates have yet to be announced.
The Black Keys are not alone in facing the challenges of costly concert fatigue. Pop-rock band 311 canceled their European tour due to rising costs, making certain tour segments “unfeasible.” Other artists, including Pink and Justin Timberlake, have also canceled specific show dates, while the Jonas Brothers postponed their European tour, though financial concerns were not officially cited.
Bill Werde, director of the Syracuse University Bandier Program for Recording and Entertainment Industries, noted that the intense competition for fan dollars means some artists are bound to lose out. Despite this, several large-scale tours are still planned for this summer, including Hootie & the Blowfish, Dave Matthews Band, Maroon 5, Zac Brown Band, Red Hot Chili Peppers, Kenny Chesney, and Chris Stapleton.
Economic trends in the live-music industry, particularly the consolidation targeted by the Justice Department, have led to fewer smaller-sized venues. This makes it harder for tours to be financially viable for artists, venues, and promoters. “Some shows, they can’t afford to drop prices; they can’t afford to wait to try to sell out the rest of the building,” Clark said. If there is uncertainty about breaking even, the show might get canceled.
Concertgoers are also becoming more selective. Brittney D’Mello, a 23-year-old K-pop fan from New Jersey, expressed her frustration with the current touring landscape. “The tickets are too expensive,” she said. “There’s only a SMALL amount of people (10%) that will spend $500+ on VIP/floor/premium. The rest of us have budgets and won’t spend $100 on nosebleeds.”
D’Mello decided to limit her concert attendance to her favorite artists. “I will only go see two artists that are my tried-and-true favorite artists,” she said. “But I won’t be casually going to concerts anymore. And after going to concerts twice, I think that’s where I stop.”
The Black Keys’ decision to shift to smaller venues reflects a broader trend in the live music industry. As artists and fans navigate the complexities of the current economic landscape, the future of live music remains uncertain.
