The music industry has shown this year that it is not immune from the credit crunch, as newly-published figures show the dwindling economy of the scene.
The industry had been consistently growing for the past 10 years until the financial strain finally took its toll on music, leaving fans, musicians and the behind-the-scenes management out of pocket.
It was revealed that although some big musicians would usually tour stadiums and huge venues when they embark on a tour, managers have been forced to arrange gigs at much smaller venues due to the lack of funding. This means less money for the artist, which has inevitably led to some major artists simply refusing to tour this year. Fans will also have to pay more for their tickets, showing that no-one will go unaffected by the fall of the economy.
The Kings of Leon and Rod Stewart were among artists that opted to perform at smaller venues that were guaranteed to sell-out.
It was evident in the numbers too, with the live music industry apparently suffering 6.8% fall in revenue in 2010 – the first time revenue has fallen in total since 2000. The total income stood at £1.48billion. The music industry as a whole suffered major losses too, with the income falling from around £4billion to £3.8billion. Illegal downloads and mp3 sales have also caused a demise to CD sales, with sales falling 7.9% to £1.24billion.
The author of the report into the music industry’s economy wrote: “A number of stadium and arena-filling bands were not on tour and many of those that did tour opted to play smaller venues to limit their risk.”
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