Live music events are pulling in crowds and brands; despite ticket prices going up by 33%
As Justin Bieber swayed to shrieking and swooning fans at Mumbai’s DY Patil stadium on Wednesday, getting into paroxysms of delight backstage was a small group that had spent the past year getting the grand spectacle off the ground. Bieber’s show has brought in Rs 20 crore in ticket sales and at least double the amount in sponsorship from 11 brands. As live music events get more popular and fill up stadia with capacities of 60,000 plus attendees, it has become a lucrative way to milk the business of music.
According to a 2017 report on media and entertainment by FICCI-KPMG, live events as a category is growing by 20-25 per cent a year (this includes sports) and organisers say, return on investment in music is steadily on the rise as audiences and companies queue up for a slice of the concert experience. A Global Citizen concert that had Coldplay performing in the city last year sold tickets between Rs 5,000-25,000. Bieber tickets were priced in the same range but a special set that came loaded with backstage passes and Bieber memorabilia went as high as Rs 76,000.
An upcoming concert by singer Ed Sheeran in November this year is expected to take both ticket prices and sponsor involvement further up a notch. Hindi music artist Arijit Singh’s performances go for Rs 1,000-25,000 (as per his last concert in New Delhi in April) and he draws in an impressive list of sponsors.
Live music events have turned big revenue earners in a country known for its penchant for song and dance. For singers, this helps offset the severe loss in income due to digital streaming and piracy; for the rest (event organisers, broadcasters), it is an opportunity to cash in on the growing desire to be a part of a live experience. This is the reason, analysts say, the live events business in music is growing at the industry average of 25 per cent and drawing in the brands with big bucks. (more)
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