These prices might have you singing the blues...

Answer: $122.84

Questions:

1. What do you think might be the reasons for the rising cost of concert tickets over the years?
2. Why is it important to plan a budget for entertainment and events?
3. How can rising costs of everyday items affect the amount people are willing to spend on entertainment?
   
   

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Behind the numbers (from Vox)

The fact is, concerts have steadily gotten more expensive even on the primary market — the place where someone can originally buy tickets, like Ticketmaster — before any scalper upcharge is added. According to the live music trade publication Pollstar, the average ticket price of the top 100 music tours last year was $122.84. In 2019 it was $91.86 — a rise that outpaced inflation by a good margin. Back in 2000, it was $40.74. For the top 10 grossing tours in 2023, the average price was even higher: $152.97.

Though there are a number of factors involved in this price creep (including high fees, which a 2018 Government Accountability Office report says make up an average of 27 percent of the ticket’s total cost), the heart of the matter is simple: demand. People all over the world are clamoring to go to just a handful of the most popular artists’ concerts. Live Nation reported that 145 million people attended one of its shows in 2023, compared to 98 million in 2019. The momentum doesn’t appear to be slowing, with ticket sales in the first quarter of 2024 higher than they were this time last year.

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About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.

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