One in three UK music fans plans to go to fewer live music events in 2023, according to a report by software company CM.com. Titled The Future of Live, the document highlights the negative ripple effects of the cost of living crisis, as 46% of British audiophiles cited it as the main reason for their music event abstinence.
By interviewing over 1,000 music event attendees aged between 17-55, the report dives deep into how their behavior towards gigs, concerts, and festivals changed following COVID-19 and soaring costs’ seismic turmoils.
Sobering statistics include nearly half (46%) of attendees saying they haven’t attended a music gig in the past 12 months because they can’t afford it. There was also an increase in 2022’s no-shows, with two in five individuals buying tickets later than before the pandemic.
Carly Heath, Bristol City Council’s Night Time Economy Advisor, said that the cost of living crisis would sting independent promoters and grassroots artists the most.
“That’s a significant change because if people don’t take a risk that affects our talent pipeline and the next big thing.”
But there are some good tidings, too – two-thirds (66%) of music fans revealed that despite economic and pandemic disruptions, they experience live music events the same as before COVID-19.
While individuals still book tickets for music gigs, they are adjusting their spending budget at the venue to be more financially responsible. Younger generations of music devotees are twice as likely to spend under £10 on their nightlife adventures compared to Millennials.