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The Morning Brief
The Commerce of Concerts: All Play No Profits?
Dec 29, 2023
The podcast explores the financial challenges faced by the Indian music festival industry and raises questions about the profitability of these events. It discusses the diverse roles involved and the struggle for profitability. The chapter also explores the factors that international artists consider when deciding to perform in India and the rising trend of people paying for tickets to experiences.
38:25
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Quick takeaways
- Ticket sales cover around 50-60% of total project costs for music festivals, with sponsorships filling the remaining gap.
- Organizing a music festival involves fixed costs such as venue, artist fees, and licenses, making it challenging to achieve profitability.
Deep dives
Rising Popularity of Music Festivals in India
The Indian music scene is thriving, with a significant increase in live event attendees in 2023 compared to the previous year. Premium event goers also doubled in number. While metros contributed the most, there was substantial growth in tier 2 cities, with ticket sales increasing by 225%. However, despite the growing popularity and large audience turnout, the profitability of music festivals remains a challenge for organizers.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode