A series of tour cancellations and changes by big-name artists is sparking concerns about the potential cooling of the post-pandemic live music boom. Elevated ticket prices and consumer spending fatigue seem to be contributing factors. Recently, Jennifer Lopez announced the cancellation of her 2024 tour, citing a desire to spend more time with her family. Similarly, the Black Keys have shifted from a stadium tour to smaller venue shows.
Signs of Slowing Demand
Social media has been abuzz with screenshots of empty venues at select tour dates. Anecdotal evidence suggests a slowdown. SeatGeek reports that the average resale ticket price for summer concerts has dropped to $213 from $257 last year. The decline may be linked to the absence of megatours like Taylor Swift’s “Eras Tour” and Beyoncé’s “Renaissance” outings.
High Demand for Top Artists
Despite the overall slowdown, top artists still command high prices. Olivia Rodrigo’s “Guts” tour has an average resale price of $571, and Morgan Wallen’s tickets average $409. These tours, often sold through Ticketmaster and its parent Live Nation, continue to see robust demand.
Economic Indicators and Industry Insights
Official data supports a return to normalcy in live music sales. The U.S. Bureau of Labor Statistics reported a 3.4% year-over-year increase in movie and concert admissions prices through April, the lowest since 2021. Dave Clark, editor of Ticket News, suggests the post-pandemic surge in live music may have been a temporary spike. He notes that demand to sell out arenas at high prices is diminishing, except for top-tier artists like Taylor Swift.
The Black Keys and 311 Adjust Plans
The Black Keys, who recently released a new album, canceled and rescheduled their summer tour for smaller, more intimate venues. Pop-rock band 311 also canceled European tour dates due to rising costs. Other stars like Pink, Justin Timberlake, and the Jonas Brothers have also canceled or postponed shows, although financial reasons were not officially cited.
Impact on Smaller Venues and Tour Viability
Experts highlight that economic trends and industry consolidation have reduced the number of smaller venues, complicating the financial viability of tours. If a show cannot at least break even, it might get canceled. This reality has led to a more discerning concertgoer base, with many opting to attend fewer concerts.
The recent wave of tour cancellations and changes highlights potential shifts in the live music industry. While top-tier artists continue to thrive, elevated ticket prices and consumer spending fatigue may be cooling the broader post-pandemic live music boom.
