LOS ANGELES (CelebrityAccess MediaWire) — After two quarters with significant concert revenues, the trend seems to have slowed.
According to Billboard Magazine, concert grosses were up by 10.5 percent from the January – September time period of the previous year, topping $1.8 billion.
Despite the fact that attendance had dropped by 1.2% and the number of shows was 3% lower than the previous year, a 10.5% increase in grosses seems very respectable. However, this might be due to late reporting from promoters and venues, Billboard reported.
Concert grosses were up 28% in the first quarter and 20% in Q2. The successes of tours by U2, Madonna and the Rolling Stones among others, has contributed widely to this increase in grosses. Combined with fall tours from the likes of Barbra Streisand & Eric Clapton, the fall season is shaping up to be a nice one as well, leading many to speculate that this year might be the first uptick for the live touring market since the beating it took in '04.
Concert grosses don't necessarily translate into profit — at least that's what Randy Phillips, CEO of AEG Live told Billboard. "nice for market share and bragging rights when Billboard publishes its year-end issue, but that doesn't make us a better company." he said. – CelebrityAccess Staff Writers