Two independent studies show music festival ticket prices are skyrocketing
(Hypebot) — Going to a festival has always been expensive. But if you feel like things have gotten worse as the pandemic winds down and live music picks up, new stats confirm that.
High ticket fees are also adding to the pain and leading global promoter Live Nation said ticket prices will continue to rise as it tests what the market will bear.
The average festival will bring in $10.7 million more in 2022
A survey of 150 festival organizers and an analysis of 330 music festivals by music data platform Viberate showed that the average festival in 2022 will earn $10.7 million from ticket sales during its last outing.
They analyzed festival prices to assess the gain from ticket sales. The festivals analyzed were divided into five groups: small (up to 5,000 fans), medium (5-15,000), large (15-30,000), huge (30-80,000) and mega (80,000+) . The average festival analyzed is expected to derive the following benefits from ticket sales:
- Small: $302,000
- Medium: $1.9 million
- Big: $5.6 million
- Huge: $12.8M
- Mega: $54.0 million
The 281 festivals analyzed will generate approximately $3 billion in ticket sales. 140 of the analyzed festivals fall into the “huge” category, which is believed to yield the largest gains, as shown in the graph below.
The average price of tickets for the festivals analyzed is $195.
In fairness, the prices for everything – including hosting a festival – have gone up this year. But it’s also important to remember that ticket sales are only part of any festival’s finances, which also include profits from food, drink, parking, merchandising, and more. These were not included in Vibrate’s review.
The vibration stats are an eye-opener, but there’s more…
A ticket to Glastonberry will cost $96,032 in 50 years
A decidedly less scientific but still mathematically accurate analysis of price increases at the legendary Glastonberry Festival in the UK shows that if this year’s trend continues, tickets to the legendary festival will cost upwards of £78,000 or $96,032. here 2072.
That’s a 27,900% increase since the festival began in 1970.
Sure, there will be pay raises by then, but not enough to justify a $96,000 ticket. The average weekly the salary in 2072 should be £83,404 or US$102,299 to keep pace.
“These price projections are unfathomable today, but then again, so is the idea of Glastonbury costing just £1 (in 1970),” said John Woosey, founder of music insurers and musicians Insure4Music who conducted the study. “The truth is, no one really knows what the future will look like – but there are huge changes on the horizon if history is anything, at all, to go by.”
Bruce Houghton is founder and publisher of Hypebot and MusicThinkTank and is senior adviser to Bandsintown which acquired both publications in 2019. He is the founder and president of Skyline Artists Agency and a professor at Berklee College Of Music.