New figures have revealed that in 2008, box office grosses from the live music industry surpassed total sales of recorded music for the first time in decades – clearly showing the shift in trends in the industry as a whole.
The claim is being made by PRS For Music chief economist Will Page, who has calculated that the 3% of live performance royalties that his organisation receives from UK concerts equates to an overall box office total of £1.28bn, compared to the BPI’s figure of £1.24bn for the total value of recorded music sales last year.
It again underlines the importance and increasing necessity for musicians to have to take a ore all-encompassing view of their careers – from producers reluctantly having to DJ to make enough money to live from, to huge artists like Madonna setting up “360 degree” deals with mega-promoters Live Nation.
The times, they are a changing…as some bloke off a Pepsi advert once said.
Source: Music Week