The global live events market was valued at $653bn (£514bn) in 2022 and is expected to reach $1.2 trillion by 2032, according to a recent report by Allied Market Research. Yet despite this – or perhaps because of it – the sector is now going through a boom. Concerts, festivals and West End shows were the first to be shuttered when Covid struck, and were among the last to reopen.
The live events industry has a strong claim to being the greatest economic victim of the pandemic. Scrutiny is being levelled at Ticketmaster, which holds a dominant position in the market and has been branded a “monopoly” by its numerous critics.Īs a bidding war kicks off for a rival retailer, is the ticketing market poised for a much-needed shake-up? Touts are able to buy up tickets and sell them on at exorbitant rates, while some concert-goers now face huge increases in ticket prices even if they go direct to the original seller. This in part reflects booming demand for live events, which have grown in the years since the pandemic.īut it also highlights the shortcomings of what critics say is a broken ticketing market that is creaking under the weight of high demand.
