Here's why concert prices reached record-high prices in 2019
Concert tickets reached record-high prices in 2019, according to year-end data compiled by trade publication Pollstar.
The Rolling Stones brought in $177.8 million playing just 16 shows in 2019. Their most profitable two-day concert in August at Metlife Stadium in New Jersey reached 100-percent capacity with tickets sold between $30 and $500, earning the band $25.5 million in total, according to the data.
The rock band also reached 100-percent capacity at its two-day Chicago show in June for the same ticket price range, raking in a total of $21.7 million.
The average price for a concert ticket in North America increased 55 percent over the past decade to nearly $95 for the top 100 artists. Gross earnings per concert also more than doubled since 2010, reaching $958,000 per show, and the number of tickets sold in 2019 reached 39.2 million for the same group of artists, according to The Wall Street Journal.
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Former ticketing executive David Goldberg told the Journal that part of the reason the best seats in the house are selling for higher prices every year is that artists are getting less worried about fans remaining loyal to their music even with rising ticket costs.
"You have some artists who want to get the price for the ticket that consumers are willing to pay," Golberg said.
Artists are becoming more reliant on tours for their main source of income since music streaming sites -- which account for 80 percent of all recorded music consumption, the Journal reported -- forced the industry to adapt to much lower album sales.
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Taylor Swift, for example, was one of few popular artists who didn't have any of her music listed on Spotify for several years.
"I think there should be an inherent value placed on art. I didn’t see that happening, perception-wise, when I put my music on Spotify. Everybody’s complaining about how music sales are shrinking, but nobody’s changing the way they’re doing things. They keep running toward streaming, which is, for the most part, what has been shrinking the numbers of paid album sales," she said in a 2014 interview with Time magazine.
"On Spotify, they don’t have any settings or any kind of qualifications for who gets what music. I think that people should feel that there is a value to what musicians have created, and that’s that," she added.
Beyonce made $54.7 million of her total $62.1 million income by touring in 2016, according to a 2017 report by Billboard. That's 88 percent. Streaming, on the other hand, made her $1.9 million, or 3 percent of her total income in 2016.
Guns 'N Roses took home $40.4 million of their $42.3 million income from touring, Bruce Springsteen earned $40.9 million of a total $42.2 million from touring, while Billy Joel brought in $22.4 million of his $23.6 million from shows.
In the 1980s and 1990s, touring only accounted for about 30 percent of a musician's income, the Journal reported, citing former White House economist and author Alan Krueger.
Pollstar did not immediately respond to FOX Business's request for comment.