After three years of silence for live music due to the pandemic, the concert business is booming like and more than before. According to Pollstar data, the 100 biggest tours of 2023 grossed more than $9 billion, surpassing the previous record, set in 2022, by nearly 50 percent. The historic result was achieved thanks to a combination of factors, as ticket sales increased by 18 percent despite a 23 percent increase in average ticket prices.
The main driver behind the live music boom has been a pair of blockbuster tours, notably Taylor Swift’s record-breaking “Era’s Tour” and Beyoncé’s “Renaissance Tour,” which along with Bruce Springsteen’s most recent world tour they accounted for more than 20 percent of the top 100 global grosses.
In 2020, the Covid-19 pandemic dealt a severe blow to the concert industry, bringing live music to a screeching halt. Venues closed, tours canceled and artists found themselves facing an uncertain future. For an industry that thrives on the energy of bringing people together — whether in crowded arenas or intimate music clubs — the sudden silence was deafening. As the world adapted to new realities, so did the concert industry. Virtual concerts and live performances became a stopgap solution, offering a lifesaver for both artists and fans craving connection.
But remote concerts obviously weren’t the same: once restrictions were lifted and people felt safe enough to immerse themselves in large crowds again, the live music phenomenon exploded again with new force.
