Live music industry makes more money than record industry

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

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