The biggest spenders on live music REVEALED
Image credit: Hoach Le Dinh
New kids are on the block spending the most money on live music, the new audience to target to profit from your live shows.
When it comes to live music, Millennials have been the big spenders for a while; an audience with a passion for music and the funds to go see it. Now they’ve been overtaken, and with the live industry earning 33 billion dollars worldwide last year artists should take note.
We recently covered the great potential of live music for boosting the earnings of artists beyond streaming. Check it out below to find out how using live music will take your career to new heights, particularly with the data in the rest of the article considered.
New data from Luminate’s 2024 Midyear Music Report reveals a generational shift in live music spending. A surprising finding from the report is the emergence of Gen Z as the dominant force in concert spending. Gen Z is generally considered to be those born between 1997 – 2012.
For the first time in the history of Luminate Insights’ quarterly U.S. Music 360 consumer research, Gen Z outspent Millennials on live music events. In the second quarter of 2024, Gen Z shelled out an average of $38 per month on concerts, eclipsing the overall U.S. average of $31.
What’s driving this surge in spending by Gen Z?
The report highlights a particular fondness for music festivals among Gen Z. The younger generation allocated an average of $23 per month to festival tickets during Q2, a significant $10 more than the general population. With festival season typically kicking off in the second quarter, it remains to be seen if this trend will persist as the year progresses.
Luminate’s comprehensive report delves deeper into various aspects of the music industry, including consumption trends, short-form video impact, and the correlation between live events and streaming.
This new data on generational spending, however, offers a fascinating glimpse into the evolving music landscape and the spending habits of a generation increasingly shaping the industry.