Beyonce, Taylor Swift Driving Up Prices? Concert Tickets Skyrocket: Report

Concert ticket prices have seen a significant surge, leading to speculations about their potential impact on inflation, Reuters reports.

Rising Concert Prices
Fans are paying hefty amounts to see top music acts like Taylor Swift and Bruce Springsteen. In the United Kingdom, recreation and culture prices rose 6.8% in the year to May 2023, with the largest effect from cultural services, particularly live music events.

Impact on Inflation
While live music is just a subset of overall entertainment costs, some are questioning whether the rising concert prices could influence inflation. The U.S. Labor Department’s inflation rate for live-performing admission events is currently 2.6 percentage points more than U.S. headline inflation.

Global Demand for Live Music
The demand for live music is high across the globe, with fans willing to pay premium prices for quality entertainment. A recent survey from U.S. event management company Eventbrite showed 80% of consumers want to go out as much or more this year, despite the cost and difficulty of securing tickets to big events.

Industry Response
Live Nation Entertainment LYV reported a 41% rise in ticket sales in the first quarter, with prices up by double digits. However, some industry insiders, like Andy Gensler, executive editor of Pollstar, have dismissed the idea that concert prices could significantly affect inflation.

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