Concert tickets have been going up in price, which has been difficult for frequent music fans, The Wall Street Journal reported Saturday (April 23).
“It sucks for sure because I’ve had to miss out on other big concerts to go to these ones,” said Enya Ramirez, a fan quoted in the WSJ piece. “Even though it’s expensive, I think it’s definitely worth the price.”
There have been fans flooding into concerts after the lapse of the pandemic. That has led to more price hikes.
WSJ wrote that the companies have been blaming inflation — but the concert industry has also made an effort to price tickets higher and capitalize on demand.
Ticket prices reportedly went up 11% between 2021 and 2019, with a 14% rise in North America.
When a ticket gets scalped or resold for a higher price on a site like StubHub, the company and artist don’t actually see the cash. Artists have been charging more closely to what the market will bear and have been capturing more of the till, helping to cover the rising costs of touring.
See also: Live Entertainment Startup Fever Raises $227M
PYMNTS wrote that live entertainment startup Fever has raised $227 million, which the company said was “the largest funding round ever” for that type of business.
The funding has also built on the demand for real-life experiences after the pandemic and the increasing amount of entertainment online.
Fever, based in New York City and Madrid, lets users explore live events and search through various recommendations based on interests like plays, concerts and other live events.
Fever says it’s seen more growth since its previous funding round for $35 million in 2019.
Since then, the company says revenues have grown tenfold and the company has changed from operating in three cities to over 60.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.
