It’s not the Ukraine war, nor the rise in oil prices but the pop icons who are the reason for fueling the inflation crisis. After the pandemic, fans are rushing to watch their favorite artist perform. Pop icons including Harry Styles, Taylor Swift, and Beyonce are creating havoc with their back-to-back concerts contributing to the current inflation crisis.
Moreover, companies like Ticketmaster are uprising the prices of concert tickets only because of the separation of the fans. From Taylor Swift’s Eras Tour, and Harry Styles’ Love On Tour to Betonce’s Renesanis Tour have become the reason for the homeowner’s pain due to the raise in taxes.
Why Are The Pop-Icons Blamed For the Current Inflation Crisis
Beyonce’s tour has been accused of soaring inflation in Sweden, with the fans paying over the odds for hotels and tickets. However, she is not the only one driving up princes in the gig economy. Taylor Swift’s Eras Tour is expected to make her a billionaire, especially with the upcoming dates of the tour being released. Due to these concerts, there is a rise in demand for hotel rooms, restaurants, and also transportation. These demands along with the concert ticket rates are causing the inflation crisis.
According to an economy report, Beyonce’s worldwide tour in Sweden last month caused high demand for hotel rooms and restaurant meals that it has been reflected in the country’s economic data. It is reported to create higher-than-expected inflation of 9.7%. Harry Styles’ Love on Tour was postponed due to Covid restrictions and began only in 2021. Having the tour ends next month in Italy, the singer’s tour has estimated around 169 gigs which have sold over £300 million worth of tickets. However, in Canada, there was wrath amongst the fans when the show’s tickets were sold quickly and only the tickets worth £780 were available.
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What Is Causing The Rise In Concert Ticket Prices?
The price hikes along with the closure of small venues, do not affect only the consumer. Instead, they contribute to creating an entire ecosystem that only benefits the top-selling artists while creating a distance between these musicians and the fans who support them. This rise in concert ticket prices is twofold. The first one is the expensive price points have actually become the bedrock or perhaps the main source of the ticketing industry. And the second one is inflation which is diminishing the fan’s power to purchase the tickets.
Mark Mulligan, the managing director and founder of MIDIA Research which is a UK-based firm that analysis entertainment and media trends said, “If people have less money in their pockets because of inflation, the ticket industry could be forced to lower their prices. It might come down in dollar terms, but in affordability terms, it might not change, because people’s wages wouldn’t be going as far.”
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