Live Performances Now The Cash Cow Of The Business
July 7, 2009 at 4:47 AM (PT)
"MICHAEL JACKSON would have moonwalked his way out of some of his millions of dollars of debt next week with the first of 50 sold-out concerts at LONDON’s 02 ARENA," reports BLOOMBERG.COM. "Although the shows starting JULY 13th won’t go on after the self-proclaimed "King of Pop" died of cardiac arrest last month, the estimated $50 million that JACKSON would have made from them illustrates how critical the live music market has become for top artists. From MADONNA to U2, artists earn tens of millions of dollars from performing live.
"With record sales plunging 30% in the past decade and illegal downloads accounting for almost all the music listened to online, live performance has become the industry’s most lucrative and fastest-growing segment. Fans are paying twice the price for tickets to top concerts from a decade ago, so artists who once performed at live shows to promote record sales are now churning out albums to boost tour attendance.
"A record now is just a ticket to ride," STEVEN VAN ZANDT, guitarist and founding member of BRUCE SPRINGSTEEN AND THE E STREET BAND, said in an interview in CANNES, FRANCE. Live shows get "you licenses, movie scenes, TV shows, ad revenue. Bands can sell live shows much more than records."
"VAN ZANDT estimates live performances make up 95% of his income from playing with SPRINGSTEEN, versus 75% almost 20 years ago. SPRINGSTEEN’s 2003 tour was the top-selling act that year and took in $116 million, according to POLLSTAR."