Jamie Parmenter, Founder, SpinBard
The live music industry is currently undergoing a significant transformation. This is nothing new, the music industry evolves. I remember when the only way to buy tickets was by phone or standing in a ‘real-life’ queue! I don’t want to go back to that. Online ticketing, for example, reshaped the face of live music.
Driven by technological advancements, potential ticketing monopolies, and changing consumer expectations, the current landscape and future of concert-going and ticketing seem poised for dramatic shifts. While these changes promise exciting innovations, they also raise concerns about rising costs and uncertainties for fans.
Dynamic Pricing: A Double-Edged Sword
Fans are often the first to feel the impact of changes in the live music scene. One of the most controversial developments in recent years has been the rise of dynamic ticket pricing. This model adjusts ticket prices based on demand and has been embraced by some artists and promoters to combat scalping and maximise revenue. However, this has left many fans priced out of attending concerts by their favourite artists. Beyonce fans recently paid upwards of $1000 for tickets to her Renaissance Tour due to dynamic pricing.
The Rise of Personalised Experiences
Another emerging trend is the increasing focus on personalised and premium experiences. VIP packages, meet-and-greets, and exclusive pre-sale access have become common offerings. Platforms like Even and Vault are testing grounds for artists like James Blake to trial subscription fees for superfans, offering personalised and pre-release content.
While these options can enhance the concert experience for some, they also contribute to a stratification of the fan base, potentially alienating core supporters who can’t afford premium prices. The challenge for the industry will be to create tiered experiences that cater to different budgets without compromising the communal nature of live music events.
Tackling Uncertainty and Hidden Costs
Hidden fees, last-minute ticket releases, and opaque pricing structures have long been pain points for concert-goers. As the ticketing landscape evolves, there is a growing demand for transparency and predictability in the purchasing process. Future ticketing systems will need to prioritise clear communication of all costs upfront and provide fans with reliable information about ticket availability and pricing. Recent troubles with the US threatening to break up Ticketmaster owner Live Nation for being a ticketing monopoly, highlight the need for change.
Web3 Ticketing: A Potential Solution?
One promising avenue for addressing these challenges is the emergence of Web3 ticketing systems. Having first-hand experience in the industry, I’ve seen how these blockchain systems offer several potential benefits that could reshape the industry. Transparency and traceability can allow immutable records for tickets, making it impossible for ticket touts to secure and sell tickets at exorbitant prices. With embedded royalties on secondary sales, artists could also benefit. Fan engagement and traceability practices could reward fans and create a fan-centric model.
By eliminating intermediaries, Web3 ticketing could lower transaction costs, passing savings on to fans. However, Web3 ticketing faces hurdles to widespread adoption, including technological barriers, regulatory uncertainty, and the need for user education. Additionally, care must be taken to ensure that new technologies don’t exacerbate existing inequalities or create new forms of exclusion. A massive overhaul to the current music industry would be required, potentially taking years, even decades, to implement. Have we got the patience for this?
Looking Ahead
As the live music industry evolves, the key challenge will be balancing innovation with fan-centric values. Future ticketing systems must prioritise transparency, fairness, and accessibility while leveraging technology to enhance the concert experience.
Artists, promoters, and ticketing platforms all have a role to play in shaping this future. By embracing responsible innovation and keeping the needs of fans at the forefront, the industry can create a vibrant and sustainable ecosystem that preserves the magic of live music for generations to come. It’s a big task, but one worth pursuing, and something I will be keeping an eye on and helping guide where I can.