We've been seeing signs that the bubble has burst for the concert industry just the way it did for the rest of the music industry with this summer's ongoing discounts from mega-promoter LiveNation. Now comes an article from Reuters that indicates that virtually no one is selling out a tour this season.
That's right - even superstars like Paul McCartney, AC/DC, Bruce Springsteen, Jonas Brothers, Coldplay (big surprise), and U2 are struggling to fill seats.
For certain, the economy has finally caught up to the concert industry, but that's not all. The high prices and perceived gouging have caught up too. Couple all that with the fact that most of these mega acts have toured in major locations so much that it's not an event any more, especially for what amounts to be such a big bite out of the the consumer's pocketbook.
In fact, demand is so low that the legal ticket scalper StubHub has begun selling tickets at a massive loss instead of their normal hefty markup. Indeed, it's been reported that some consumers "have already purchased tickets as low as $1 for Springsteen and Coldplay, $9 for Kenny Chesney and $10 for the Jonas Brothers this season, with tickets listing for as low as $16 for upcoming McCartney shows this weekend in Maryland," according to the Reuters article.
It's also been reported that Live Nation is extending its half price ticket deal at ampitheaters as well as expanding its summer long "No Fee Wednesdays" promotion to include more than 1500 smaller shows at clubs and theaters.
It's also been reported that Live Nation is extending its half price ticket deal at ampitheaters as well as expanding its summer long "No Fee Wednesdays" promotion to include more than 1500 smaller shows at clubs and theaters.
Could this be a turning point in the concert business? Has the final music industry bubble burst? We'll know by the end of the month when the summer concert season ends.
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