As people eagerly return to shows en masse in 2022, there are several warning signs that 2023 will be the hardest year ever to sell tickets.
It's the economy, duh.
Inflation continues to rise worldwide (with no relief in sight) coupled with low unemployment. If history tells us anything, what typically follows is a recession and when they hit, the first thing consumers stop spending their money on is nonessential items (amazingly, concerts fall into that category).
Sky-high ticket prices.
As artists try to make up the income they lost not being on the road for the last year and a half, it's hard to fault them for trying to recoup that loss as quickly as possible by raising their ticket prices.
While the cost of tickets for smaller venues (clubs and theaters) hover around the same price point as they were pre-COVID, the ticket price of larger shows (amphitheaters and stadiums) has skyrocketed.
Paul McCartney's recent Got Back tour ticket prices ranged from $250US - $2750US for the most expensive VIP package (which includes a pre-show vegan meal and the ability to watch Macca's soundcheck).
Currently, McCartney is having no problem selling out stadiums. While seeing the legend should be on everyone's concert bucket list, paying $250 for the nosebleeds (not including service fees) is something most people would think about before clicking the 'Complete Order' button.
So many shows, so little time.
The sheer amount of shows and tours has increased significantly as consumers and artists are becoming more comfortable with going out.
Concert calendars are already clogged and, if you live in a major market, you may find that several of your favorite artists are performing on the same night, forcing consumers to pick and choose.
Concerts will probably be the only part of the economy that will have more supply than demand.
COVID-19 just won't go away.
The COVID-19 pandemic is slowly but surely turning into an endemic, and the virus will never go away. While touring artists do their best with whatever COVID protocols are in place (most tours require daily testing), it's inevitable that someone in the crew or an artist will test positive.
When that happens, even if it's a member of the crew and the entire band is fine, the show will be cancelled immediately.
Because of this, and concertgoers getting COVID themselves before a show, many patrons are slow to buy tickets to shows that they would have purchased early pre-pandemic.
A recent touring company of Hamilton, performing for several weeks in Philadelphia, found themselves giving deep discounts for tickets when they realized that customers were waiting last minute to make sure the show was going ahead and that they were healthy enough to go.
What can you do to make sure your shows are in demand?
Own your audience and gauge demand
By utilizing Audience Republic's presale registration, you'll be able to take advantage of generating an extensive audience you own while also evaluating the demand for any additional dates.
It's like being able to read the room without actually entering it.
Be as insightful as possible.
How you spend your marketing dollars will be crucial during this time. With Audience Republic's insights, your ability to pointedly segment your audience will help you gain an invaluable understanding of ticket buyers’ behaviors and who you should be targeting for your shows.
There is hope for the future.
When recessions occurred in the early nineties and late naughties, the impact on the concert industry was significant.
The difference now is that with Audience Republic, there are proactive steps and strategies you can implement to mitigate risk and continue selling tickets.
Find out how Audience Republic can help you navigate the the problems live events are facing. Book a product demo to have a chat with our team and see the platform in action.