Music: concerts guarantee income for singers, but AI is a threat – 7/8/2023 – Market

Covid-19 has almost turned the live music industry into a void. Taylor Swift is helping to get through this. This week, the pop star added 14 extra European dates to her tour to meet high demand. Artists like Beyoncé did the same.

Live Nation, which owns Ticketmaster, expects record sales this year. The value of online concert, festival and opera ticket sales will surpass pre-Covid levels and reach nearly $34 billion worldwide this year, according to estimates by Statista Market Insights.

A rise in prices risks creating discontent. This adjusts prices according to demand; some clients have reported receiving quotes of thousands of dollars to see big names.

But Live Nation’s stock is up 29% year-to-date. It is important to highlight that the revival of live music will boost artists’ income.

Fake tracks generated by artificial intelligence are already invading streaming platforms, posing a threat to brands and artists’ income. Singers can be easily imitated by computers online. Personally, fans know what’s real.

Up to 95% of famous artists’ annual income can come from touring, according to Goldman Sachs. Many musicians’ incomes have collapsed during the pandemic.

Streaming is credited with reviving the music industry as a whole. But record labels and streaming platforms are the winners. The UK Competition and Markets Authority claims that artists can earn around €12,000 (approximately R$64,000) with 12 million streams in the UK. That’s less than 1 cent per stream. Only 1% achieve this popularity.

The recession in Europe — and potentially elsewhere — could dampen the volume. But as long as live events pay the bills, musicians will depend on concert tours for positive karma.