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Maybe the promoters are right when they say the concert business is recession-resistant. This year's Coachella Valley Music & Arts Festival has been sold out for almost a week, despite higher ticket prices (and no single-day tickets). All told, 80,000 are expected to attend each of the three days, starting tomorrow. From the LAT:
Most hotels in the desert town of Indio have been booked for weeks or months, even though some have tripled or quadrupled their rates. Festival-goers, desperate to see performances by the likes of Thom Yorke, Jay-Z and Muse, are diving into Craigslist for lodging that in some cases is no more than a grimy spot on the floor of a mobile home. "We almost didn't do Coachella this year," said Paul Tollett, 44, the organizer and founder of the 11-year-old show, which is promoted by concert heavyweight Goldenvoice and owned by AEG in Los Angeles. "We felt the economy wasn't looking so hot. But festivals seem to be hanging in there, and I'm as surprised as anyone."
The L.A. Times notes that other music festivals are reporting strong ticket sales. First-quarter concert ticket sales were up 6.2 percent from a year earlier - and that's before the real start of the season. From the NYT:
Not all festivals have been so lucky. Some, like Vegoose in Las Vegas, sprung up in hopes of emulating the success of Coachella and Bonnaroo but folded quickly. Others, like Rothbury in western Michigan and Pemberton, near Vancouver, British Columbia, have officially gone on hiatus, leaving fans wondering if they will ever return. The fate of All Points West, a two-year-old festival in Jersey City, is also uncertain; its promoter, AEG Live, has made no announcements about it, and executives there have said they are weighing whether to bring it back this summer. The festivals that have remained, many in the industry say, have done so by establishing a clear aesthetic and by marketing themselves as vacation destinations.
Live Nation, the world's largest concert promoter, still has 40 percent unsold inventory and has been offering discounts and promotions.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.