30
Dec
10

Slow economy bodes poorly for concerts.

One of 2010’s top performing acts, AC/DC.

With a still weak economy, revenue for the 50 biggest grossing tours in the world declined 12% to $2.93 billion, from $3.34 billion in 2009, according to Pollstar. In North America, the drop was even greater, with a 15% decline to $1.69 billion, from $1.99 billion in 2009.

The biggest grossing acts of the year were as follows:

1. Bon Jovi

2. AC/DC

3. U2

4. Lady Gaga

5. Metallica

The declines in revenue occurred despite world-wide average ticket price increases of 3.9% to $76.69, up from $73.83 in 2009. Worldwide, concert-goers bought 7% fewer tickets –  38.3 to 2009’s 45.3 million. North America ticket sales also declined.

Live Nation, the largest live entertainment company in the world, warned shareholders that operating income for the year would decrease to $405 million, from $445 million the year before.  Live Nation later lowered its guidance further to $385 million.

Despite the increase in prices, several acts had to discount tickets due to underwhelming sales.  Among the acts whose tickets were discounted were The Jonas Brothers, Rihanna, , Creed, Maroon 5 and The “American Idol” live tour 2010.

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