Concert industry weathering U.S. recession
The U.S. concert industry is still going strong amid the ongoing recession as some fans simply wait until the last minute to purchase tickets, analysts say.
Rick Franks, Detroit head of the Live Nation promotional group, said while U.S. residents may be avoiding vacations and major purchases because of the economic downturn, concerts ticket sales remain strong, The Detroit News said Saturday.
People still support great music, and they want to get out, Franks said.
People have given up the new flat screen, maybe they don’t go to Florida with the family, but for four or five hours of escapist entertainment, they’re still doing one-night vacations at my shows.
Palace Sports and Entertainment President Tom Wilson agreed the concert industry remains strong, but said there have been slight sales declines for shows not featuring a big name performer.
I think our feeling is, after experiencing this for a summer and having it happen on so many shows, it’s telling us, ‘(Sales are) coming, just wait for it.’ And that is a hard way to do your business, he told the Detroit News.