It's a good thing music stars like Jennifer Lopez, DMX and Britney Spears are venturing more into movies. While the film business is up for 2001, the concert industry isn't doing so hot.
Tour earnings for the first half of 2001 are down more
than 12 percent from the same period a year ago, according to concert-industry rag Pollstar. Figures released Monday show that the top 50 tours of the past six months earned $508 million, while the first half of 2000 brought in $569 million.
The slump is even steeper when measured by the number of tickets sold, since prices have increased an average of $3 since last year. The industry is down 15.5 percent, from 12.9 million sold in the first half of 2000 to 10.9 million this year. Fewer tickets have also been sold this year than during the first half of 1999 (12.3 million) and 1998 (11.2 million).
The most obvious reasons for the decline are America's slowing economy and the rise in ticket prices, Pollstar editor in chief Gary Bongiovanni said. "It might be a stretch to call concert tickets luxury items, but they are not a frivolous expense these days."
While Exhibitor Relations announced earlier this week that movie ticket sales are up 10 percent from the first half of last year, Bongiovanni pointed out that concert tickets are nearly nine times more expensive. While the average movie ticket is under $6, the average concert ticket for the top 50 tours in the first half of 2001 went for $46.69.
The highest average ticket price for the first half of 2001 is opera star Luciano Pavarotti's $119.76, followed by Elton John and Billy Joel's $100.95. The Backstreet Boys and 'NSYNC, who boast the third and fourth most successful tours of the year so far, respectively, each have average ticket prices of more than $50 apiece.
The cheapest average tickets among the top 50 tours are 3 Doors Down's $21.82, followed by Lynyrd Skynyrd's $21.90.
Last year, the Backstreet Boys and 'NSYNC both enjoyed wildly successful tours, but "teen pop groups are not as strong as they were a year ago," Bongiovanni explained. "Everybody is backing off them a little. Meanwhile, they've escalated their prices. Some prime seats for Backstreet Boys are $125."
U2, who have grossed $69 million on their acclaimed Elevation tour, are the year's top earners so far, followed by dueling pianists John and Joel. The Dave Matthews Band rounds out the top five. Only 10 tours this year have grossed more than $10 million, compared to 19 in the first half of last year.
With Madonna, Janet Jackson and Destiny's Child all launching tours this summer, the year's second-half numbers are bound to be much higher, Bongiovanni said. "But I don't think they'll be enough to rally back to where we were a year ago."
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