Global live music industry revenue 2022-2030

A recent study exploring the global music industry found that revenues from live music events grew by 25 percent in 2023, reaching over 33 billion U.S dollars that year. The market estimates are showing promising growth to pre-pandemic levels and revenue figures surpassing 50 billion dollars by the end of 2030.

Concerts amid COVID-19

The outbreak of the coronavirus (COVID-19) pandemic dealt a heavy blow to the live music sector as concert venues closed, tours were halted, and festivals rescheduled. But while some events were canceled or postponed indefinitely, others were merely moved online to let music lovers enjoy performances by their favorite artists in a socially distant manner. In Europe, for example, the share of festivalgoers who watched a live music stream during coronavirus lockdowns stood at 60 percent, with a similar share of survey respondents stating they would happily pay to do so. Live stream concerts have become popular alternatives to in-person shows in recent years, and while some artists uploaded pre-recorded concert films to video streaming platforms, others took the virtual stage in gaming apps Fortnite or Roblox.

Most successful live music tours

The live music sector awoke from a deep slumber in 2021 as social distancing measures were loosened and travel bans lifted in many parts of the world. Two years later, looking at the top-grossing concert tours that year, Taylor Swift was taking over the concert market, with her tour's earnings reaching over one billion U.S. dollars. Beyonce's tour ranked second that year, however, the grosses trailed behind at the level of 500 billion dollars.