As the live music industry gets back on its feet in various parts of the world, securing the support of governments is going to be important. Stressing the economic impact of live music is one of the key levers in that. Live Nation has just commissioned a report from research firm Oxford Economics to do that for the US.
The report provides plenty of figures for the industry to wave at policymakers. It claims that the concert and live entertainment industry has a US-wide economic impact of $132.6bn, and supported 913k jobs in 2019. It also claims that the industry generated nearly $9.3bn in federal tax revenues that year, plus $8.3bn in state and local tax revenues.
“If an out-of-town attendee were to spend $100.00 on a concert ticket, the local economy would benefit from an additional $334.92 in spending, resulting in a total spending impact of $434.92,” added the research firm.
