Concerts are one of the top economic drivers in the U.S. and will be a critical financial engine for igniting the economy once the pandemic has ended, a new study finds.
Titled "The Concerts and Live Entertainment Industry: A Significant Economic Engine" and produced by Oxford Economics, a 40-year-old private venture with Oxford University's business college, the report was commissioned by Live Nation and breaks down the domestic economic impact of concerts from 2019, the last year concerts took place unencumbered. The report found that the concert business, defined "all live musical performances, such as festivals and concerts, and comedy shows held in amphitheaters, clubs, theaters, arenas, stadiums, and other venues," was valued at $132.6 billion that year. The study also found that the live biz employs 900,000 people with associated labor income of approximately $42.2 billion. Not included in the report are theater, Broadway, sporting events, and family shows.
"Beyond its important cultural contributions, the concert and live entertainment industry generates massive economic upside, supporting the livelihoods of nearly a million people in the US and sustaining public services with nearly $18 billion in taxes generated in 2019,” says Adam Sacks, president of Tourism Economics, an Oxford Economics company. “The US needs a flourishing concert and live entertainment industry to achieve full economic recovery.”