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Several major artists, including Jennifer Lopez and the Black Keys, are canceling or altering their tours due to a combination of high ticket prices and consumer spending fatigue. Evidence suggests a slowdown in live music demand, with average resale ticket prices for summer concerts dropping. While some high-demand artists like Olivia Rodrigo and Morgan Wallen still command high prices, others face challenges filling venues. Contributing factors include a saturated market with too many tours, post-pandemic economic adjustments, and consumers prioritizing essential expenses over concert tickets. Additionally, there's a shift in the music industry where tours are now primarily used to generate revenue rather than promote albums.
Several major artists, including Jennifer Lopez and the Black Keys, are canceling or altering their tours due to a combination of high ticket prices and consumer spending fatigue. Evidence suggests a slowdown in live music demand, with average resale ticket prices for summer concerts dropping. While some high-demand artists like Olivia Rodrigo and Morgan Wallen still command high prices, others face challenges filling venues. Contributing factors include a saturated market with too many tours, post-pandemic economic adjustments, and consumers prioritizing essential expenses over concert tickets. Additionally, there's a shift in the music industry where tours are now primarily used to generate revenue rather than promote albums.
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