PROMOTERS TO SELL MORE MERCHANDISE TO MAKE UP FOR LOST REVENUE
Pollstar is reporting that concert promoters are planning to make shows more affordable in 2011, after high ticket prices caused low attendance throughout the past year. Promoters say they will push the sale of t-shirts and other merchandise to make up for the lost revenue.
Acts such as ZZ Top plan on selling tickets for as little as $10. “It's time to give the value back," said band manager Carl Stubner, “We'll find other ways to make money."
Meanwhile, not everybody will bring down their prices. Neil Diamond, for example, says that his large scale production prevents him from doing so. “As the shows get bigger, the expenses get bigger, so it's got to be translated somehow to the ticket price. If I just used the guitar it'd be a lot simpler, but then I'd have to put 50 people out of work."
According to Pollstar, ticket prices in North America rose from an average of $26 in 1996 to $67 in 2008. That number does not include order processing and convenience charges. When promoters raised prices again, concert attendance dropped by 12% in the first half of 2010, in comparison to the same period of time a year ago.
Promoters have promised that cheaper options will be available in 2011. “We know that if you lower the price, they'll come," Live Nation CEO Michael Rapino told investors in November.
Pollstar is reporting that concert promoters are planning to make shows more affordable in 2011, after high ticket prices caused low attendance throughout the past year. Promoters say they will push the sale of t-shirts and other merchandise to make up for the lost revenue.
Acts such as ZZ Top plan on selling tickets for as little as $10. “It's time to give the value back," said band manager Carl Stubner, “We'll find other ways to make money."
Meanwhile, not everybody will bring down their prices. Neil Diamond, for example, says that his large scale production prevents him from doing so. “As the shows get bigger, the expenses get bigger, so it's got to be translated somehow to the ticket price. If I just used the guitar it'd be a lot simpler, but then I'd have to put 50 people out of work."
According to Pollstar, ticket prices in North America rose from an average of $26 in 1996 to $67 in 2008. That number does not include order processing and convenience charges. When promoters raised prices again, concert attendance dropped by 12% in the first half of 2010, in comparison to the same period of time a year ago.
Promoters have promised that cheaper options will be available in 2011. “We know that if you lower the price, they'll come," Live Nation CEO Michael Rapino told investors in November.
