Music industry is becoming increasingly profitable. The global revenue of $60.7 billion in 2006 increased to $67.6 billion in 2011. Revenues of live music particularly increased from $16.6 billion in 2006 to $23.5 billion in 2011. That’s almost 50% increase in the span of five years. This increase could have been caused by the Internet’s help of making music promotion easier . YouTube, with its millions of viewers and more than 6 billion hours of viewing every month, is currently the best place to promote one’s music.
With this huge sum of proceeds, the question of how live concerts impact the local community of the concert venue arises. Do live performances benefit the local community or harm it? And how? To answer this question, here are some cases that show how live concerts affected the economy of local communities:
Waterfront Concerts Series in Bangor, Maine
A 2013 study by the University of Maine showed that since 2010, the Waterfront Concerts Series has brought over $30 million into the local economy of Bangor. Featuring big artists like Sarah McLachlan, Tim Mcgraw, and Cassadee Pope certainly helped rake in the large revenue. The study also furthered that the concert profits supported an annual average of 160 local jobs, peaking in 2012 with 252 jobs.
Live Concerts in Victoria, Australia
In 2011, the Deloitte Access Economics investigated how concerts affected Victorian economy. They found out that live music was responsible for $501 million in gross state product (GSP) of Victoria in 2009-10. It also directly and indirectly generated 17, 200 full-time employment for the locals.
Usher’s 2012 Concert in South Africa
The Tourism Research in Economic Environs & Society (TREES) investigated how Usher’s concert in Soweto, Gauteng, South Africa affected the local’s economy. The study revealed that the concert’s economic impact totaled of R31.2 million or $3 million USD.
These studies show that musicians and concert goers help the economy in their own ways. Who knew that buying Katy Perry tickets to perhaps see a glimpse of the famous Katy Perry boobs can help boost the local’s economy and create more local jobs? If continuously supported, live music scenes can definitely contribute more to local economies.