Appetite for Concerts ‘Remains Strong,’ Spend-Per-Head Shrinks In 2023: Report

The cost of putting on a show is on the rise, ticket prices have gone up, but punters still want in – though they’re not splashing the cash on food and booze, thanks to the cost-of-living crisis.

Those are some of the takeaways from Audience Republic’s inaugural 2024 Live Industry Report, in which promoters, artist managers, marketers, venue owners and ticketing agencies worldwide were surveyed about the live landscape over the previous 12 months.

Almost half of respondents (48%) raised their ticket prices in 2023, to absorb the escalating costs associated with staging a concert. The appetite for live events “remains strong,” reads the report, with 49% reporting an increase in ticket sales.

The extraordinary success of Taylor Swift’s The Eras Tour, which swiftly sold-out seven stadium shows in Sydney and Melbourne, is proof to that point.

During the reporting period, comedy, arts and theatre were the biggest growth areas, and, among demographics, Millennials provided the biggest surge in attendance for 2023 (Gen Z came in second). That trend is expected to continue in 2024.

Despite the myriad pressures on disposable cash, just 5% of respondents expect ticket sales to decrease in 2024, while 49% expect them to continue growing, the document found.

Still, it’s tough out there.

Once at the show, punters aren’t so readily opening their wallets. Almost two-thirds of events and venues (65%) reported spend-per-head across 2023 was equal to or less than 2022.

Late ticket buying is, perhaps, a lingering hangover from the COVID era, with 60% of respondents citing it as a “significant pattern” in concert fans’ behaviour over the reporting period.

The picture, notes Jared Kristensen, CEO and co-founder of Audience Republic, is a largely positive one.

“The insights that have emerged from this Report provide a brilliant snapshot of the current state of the live events industry while providing a window into what experts globally believe is in store for 2024,” Kristensen comments.

Survey responses were gathered during an 11-week period from November 2023 to January 2024.

“I’m heartened by the sense of optimism that’s prevalent in the industry,” says Kristensen, “with almost half of respondents buoyant about their ticket sale prospects in 2024, yet there’s no ignoring the very real challenges the events industry faces from elements such as cost of living and market saturation.”

Established 2016 in Sydney, Audience Republic has built an all-in-one CRM and marketing platform designed to help promoters sell more tickets, and own their data.

In that time, the business has worked on thousands of live events and venues worldwide, including shows by Flume, Kylie Minogue, Ed Sheeran, Justin Bieber and RÜFÜS DU SOL, and more than 26 million music fans have engaged with the company’s consumer-facing products.

Audience Republic’s report also studies the form guide and concerns for the year ahead, from the use of AI to ticket-selling trends and other issues.

Download the report here.