Eventbrite Infographic Shows How Artists Get Discovered, Make Money
Ticket sellers Eventbrite partnered up with independent research company MusicWatch Inc. to publish a study, Mapping the Value of Music Discovery, to “uncover how post-discovery behavior is helping drive incremental spending in live music.”
In plain English: how, in this shambolic music industry, are artists getting found and making money?
The results showed that people are spending less on consuming music, which is something everybody knows already (from $35 per capita in 2008 to $18 in 2014), however one interesting discovery was that spending on live music is up. Way up, from $29 in 2008 to $48 in 2014. Fans that buy concert tickets are also worth way more to an artist, spending twenty times as much on music than non-ticket buyers ($276 compared to $15).
But most important: how people find you impacts how much money you’re likely to make.
For example, only 8% of music is discovered by seeing someone live, however 74% of those fans are likely to buy tickets to see the same act play again. That’s contrasted with around half of fans who buy tickets to see artists they discover through streaming or radio.
The unexpected contender in this race was livestreaming, which had a massive and suprising ability to spike ticket sales, thanks to what the study decided was good old fashioned FOMO. People recording and sharing their live concert/festival experiences on social media simply made others more determined to be there next time, spending money on music and merchandise and other things that pay the bills for artists and musicians.
The take home message for young artists? Use the different channels out there at your disposal, and play as many live shows as you can. The music industry today is what you make it.