It’s happening! Your favorite musical artist announces a tour! You think you’ll finally catch a live performance. Excited, you log on as soon as tickets are available. But wait—those tickets are hundreds of dollars more than you were expecting. Yikes!
After a period of marked inflation, some costs are declining again. But that doesn’t seem to be the case for live music. In fact, concert tickets prices have surged—to the point that economists are noticing. The high cost of admission is actually having an impact on some countries’ inflation rates. The United States and the United Kingdom both see the effect in the national numbers.
Recreation and culture prices in the UK rose 6.8% from January 2023 to May 2023. That’s the sharpest increase in 30 years. The cause: cost to attend live music events.
Fans shell out small fortunes for tickets to the world’s biggest music acts, including pop stars who haven’t toured in years, like Taylor Swift and Beyoncé. Reseller Stubhub’s cheapest seat for a July Taylor Swift show in Seattle, Washington, was $1,200. Why would anyone pay so much for a one-time show?
“People are willing to splurge because they know they will get quality content. Plus, who knows when or if she’ll do another tour after this one,” explains London-based Beyoncé fan Mario Ihieme. Does the cost-to-benefit ratio really support that claim?
Live music events are usually a small part of entertainment costs, which account for an even smaller part of consumer spending. Some economists questioned the idea that concert prices could have a noticeable effect on inflation. But when the numbers get this big, suddenly the category carries more weight in the overall economy.
Is there an end in sight to skyrocketing concert prices? That depends on consumers. At some point, fans won’t pay higher and higher costs. So what are music-lovers’ alternatives?
The easy answer is buying albums or subscribing to streaming music platforms like Spotify or Apple Music and choosing to be satisfied with that. Another option is seeking out local artists producing high quality music but flying under the radar—undiscovered by the pop icon-worshipping masses.
And if you are musically inclined, you can make your own melodies! But remember, it’s important to keep all things in their proper place. Music is a gift from a good Giver. It exists primarily to bring honor and glory to Him.
The Lord will save me, and we will play my music on stringed instruments all the days of our lives, at the house of the Lord. — Isaiah 38:20
Why? It’s important to determine what we value and where and how we spend our money. When costs soar, it’s time to reevaluate whether the commodity is worth the investment.
