The Indicator from Planet Money The year the music festival died
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Oct 8, 2024 Phil Peroni, a longtime musician and founder of the Desert Days music festival, dives into the alarming trend of music festival cancellations around the globe. He discusses the economic and cultural shifts impacting ticket sales at major festivals like Coachella and Burning Man. Peroni highlights the struggle for festivals to adapt to rising costs and changing attitudes among younger audiences, particularly Gen Z. He explores how the decline in live music experiences may signal a permanent change in the industry.
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Desert Days Festival
- Phil Peroni, a musician, co-founded Desert Days festival in 2012, inspired by festivals like Burning Man.
- The festival grew, attracting big names like Tame Impala and Wu-Tang Clan, and moved to a beautiful venue in 2018.
Festival Struggles
- Desert Days faced challenges in 2023 due to rising costs and decreased demand.
- Lowering ticket prices didn't significantly boost sales, ultimately leading to the festival's cancellation.
Economic Impact
- Inflation and higher interest rates affect both festival production and attendees' budgets.
- Smaller festivals are hit harder, while big names like Glastonbury still thrive, creating a winner-take-all market.
