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| Music festivals attract 32 million revellers annually around the world. That adds up to an industry worth nearly $10bn a year.
Click here to subscribe to The Economist on YouTube: http://econ.trib.al/rWl91R7 From the mud of Glastonbury to the blockbusting headliners of Coachella, music festivals have become big business. Annually there are around 800 music festivals in the US alone. It’s an industry worth nearly $10bn, attracting 32 million revellers annually, half of whom are millennials. Tickets average £200 per head in the UK, but over the last 10 years music festival ticket prices have risen way above the rate of inflation. More than $1.5bn was spent by companies sponsoring festivals in 2014. The live music industry is booming as traditional record sales flounder. Artists can command up to 90% of gross ticket receipts but bag only 10% of the net profit from recorded music. Acts such as The Flaming Lips and Damian Marley can earn up to a reported £90,000 per performance. Whereas bigger names such as Justin Beiber and Madonna can charge up to a cool million. Daily Watch: mind-stretching short films throughout the working week. For more from Economist Films visit: http://films.economist.com/ |
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