In late April, the global music economics research institute Omdia summarized the economic state of the Global Live Music Market, reporting massive revenues of 40 billion U.S. dollars (over 1.306 trillion baht). This indicates that global fans’ demand and willingness to pay for concerts have overcome the economic downturn and inflation affecting many countries worldwide.
The concert economy, which was severely depressed in 2021 due to ongoing COVID-19 in some countries, was valued at only 8.8 million U.S. dollars, mostly spent by fans on intangible concert experiences or the Experiential Economy via digital network shows. During this time, music label creatives adopted unprecedented strategies to keep the music market afloat and even create new phenomena.
BTS, the world’s top boy band, turned crisis into opportunity by transforming offline concerts into fully online events. Their 2020 Map of the Soul ON:E tour used AR (Augmented Reality) and XR (Extended Reality) technologies to blend virtual worlds with real spaces, creating immersive experiences for fans. This two-day show generated over 44 million U.S. dollars.
Many other artists also held virtual concerts during COVID-19, including BLACKPINK’s The Show on YouTube, rapper Travis Scott’s Astronomical avatar show with 12.3 million concurrent viewers, and Dua Lipa’s highly successful Studio 54 streamed on LIVEnow with over 5 million views, featuring guest artists like Elton John, Kylie Minogue, and Miley Cyrus.
Online concerts became a key model, showing promoters and investors that post-COVID concert productions succeed less by grandeur and more by engaging audiences interactively. Shows now feature segmented performances for social media sharing and cinema screenings, shifting focus from spectacle to participation.
Omdia projects that by 2030-2035, global artist concert revenues will reach 50 billion U.S. dollars, coming from ticket sales, sponsorships, and merchandise, with fans spending around 32 U.S. dollars (about 1,000 baht) on memorabilia excluding tour shirts. Ticket prices are expected to average 144 U.S. dollars (nearly 5,000 baht). The highest-grossing tours include Taylor Swift’s The Era Tour, earning over 2 billion U.S. dollars, along with tours by Coldplay, Ed Sheeran, Latin artists, and top K-pop idol groups.
The global music industry’s revenue resembles a centralized democracy, with most income concentrated among top-tier artists. For example, Coldplay’s Music of the Spheres tour earned 1.5 billion U.S. dollars, with per-show gross revenues between 5 and 14 million U.S. dollars (around 170 to 480 million baht). Although substantial, these sums cover payments to musicians, tour crews, transport, and local staff. However, this remains incomparable to the earnings of indie artists touring concerts.
Late last year, Evan Seinfeld, lead singer and bassist of legendary hardcore punk and groove metal band Biohazard, told Metal Hammer magazine that the money he earned in his first three years in the adult film industry exceeded what he made in 20 years in music. He noted that when he started, Pornhub did not even exist.
Evan admitted he is a man who enjoys showcasing his masculinity and met his second wife, Teresa Patrick, a superstar in the adult film industry. Even after retiring from acting, Evan remained committed to the business by founding the platform IsMyGirl, which enables creators to produce and directly sell content to fans—preceding OnlyFans.
Evan did not disclose his exact earnings from the adult industry during those three years, but stating it surpassed two decades of music work with Biohazard—a band that influenced New York’s hardcore scene since the early '90s and inspired metal bands like Pantera, Machine Head, and Korn—clearly illustrates how indie artists struggle to survive financially despite legendary status.
For indie artists under small independent labels or unsigned worldwide, Omdia’s rough survey found commercial revenue strategies differ sharply from mainstream artists. While established artists have stable fan bases supporting ticket sales, merchandise, and royalties, indie artists still struggle to build fan bases and must create appealing images beyond their music to sell their work.
Statistics from Omdia and Econ Market Research reveal startling figures: independent emerging artists earn approximately 100-500 U.S. dollars (about 3,500-10,000 baht) per show, often less in countries where music consumption costs prioritize artistry over commercial appeal. Indie artists with fan bases might earn 2,000-10,000 U.S. dollars (70,000-350,000 baht) per show, but only a few reach this level in each country.
For promoters, ticket sales are no longer the primary revenue source, as investors recognize ticket sales are unreliable. Instead, they focus on promoting and selling merchandise at concerts, which becomes the main income for promoters. Investors accept small profits or minor losses but maintain ties with promoters to support indie bands whose tickets reliably sell out, offsetting previous losses.
Indie concerts in Thailand and abroad rely on passion to keep the music scene alive despite personal financial losses. Artists must struggle, especially with high travel, accommodation, and food costs, which often consume concert fees. Consequently, many indie artists depend on selling multiple designs of T-shirts, vinyl, CDs, and other merchandise as primary income to cover tour expenses without personal loss, as a single T-shirt sale may equal nearly 9,000 music streams in revenue.
Artist balance sheets for tour income and expenses are usually confidential. Recently, Welsh indie rock band Los Campesinos! openly shared their balance sheets, candidly stating, “For us, the live music industry has collapsed 99%, as fans have the same income but rising costs, and ticket prices have become excessively high.”
Complaints about these issues have long existed but lacked detail and evidence. Now, indie and mid-tier bands feel exploited by managers and labels who often earn more from multiple projects than the artists themselves. The artists’ image is crucial, and labels and stakeholders benefit financially by focusing on PR and promotion, yet the actual pay artists receive from tours remains unknown, as labels fear fan backlash if low artist earnings are revealed.
Los Campesinos! confirm that their financial disclosures reflect struggles faced by indie bands worldwide who hesitate to speak out. This explains why they cannot tour more frequently and urges other bands to reveal such issues to collectively seek solutions.
First, Los Campesinos! have seven members with no backup musicians. On tour, several members travel with their children due to lack of childcare. The band manages everything during tours, including label relations. All members hold day jobs and use vacation time to tour. Though touring is not their main income, they continue because of enjoyment, love of music, and connection with fans.
In 2024, their North American tour supporting the album All Hell sold out nearly every show except Boston, with average attendance around 850-900. Tickets were affordable—about 960 baht normally and 350 baht for low-income options. The band earned a total of approximately 5.2 million baht, from which a 10% agency fee (520,000 baht), withholding taxes, and 220,000 baht for on-site instrument rental were deducted, leaving about 4.48 million baht net.
Tour expenses were tightly controlled. Besides seven members, there were 14 people including crew and children’s caregivers. Visa fees, embassy charges, round-trip airfare, instrument transport, and travel insurance totaled 652,000 baht. Intra-U.S. travel, mostly by tour bus including fuel and driver salaries, cost 2.06 million baht, representing 46% of total revenue. Additional emergency flights, hotels, local crew fees, IRS taxes, and equipment rental caused the band to lose nearly 100,000 baht on the tour.
The band survived due to nearly 4 million baht in sales of tour shirts, band T-shirts, posters, CDs, and vinyl bought by fans. After production costs, credit card fees, payment system charges, shipping, and others, net profit from merchandise was about 1.8 million baht. After balancing income and expenses, the tour yielded a modest profit of 1.72 million baht, divided by seven members, giving about 250,000 baht each. However, this money is retained as working capital for future projects and tours.
English Teacher, an indie rock and post-punk band from Leeds, UK, signed with major label Island Records. Their debut album, This Could Be Texas (2024), won the Mercury Music Prize, a coveted award for UK indie bands. Despite seeming on a smooth career path, their reality is very different.
Frontwoman Lily Fonten told The Guardian that while external success includes awards, fame, and critical acclaim, the band’s financial situation was dire before releasing their first album. She relied on government unemployment benefits, lived with her parents, or stayed on friends’ couches due to inability to pay rent.
While many new artists face such hardships, Lily believes the state should better support promising artists through funding and projects that help them fully realize their creative potential. Unfortunately, government support in the UK is scarce.
English Teacher is well-known among indie rock listeners for high-quality, original music. Yet throughout touring, they have never directly received performance fees. Like Los Campesinos!, although festival gigs pay well, deductions leave little for future work. Headline shows, often seen as success, come with high costs, resulting ultimately in losses.
Guitarist Lewis Whitting said members try to limit spending to 500 pounds (~22,000 baht) per month from pooled funds. Advances from labels are often spent on extra equipment beyond what labels provide. Despite seeming modest, 500 pounds is a monthly worry as earnings rarely cover costs. Shockingly, 16 UK tour dates yielded only 800 pounds profit, usually wiped out by budget overruns.
Another major factor is a clear decline in audience numbers post-COVID. Fewer returning fans and almost no new ones reduce ticket revenue, while UK touring costs have risen multiple times compared to pre-pandemic. This explains why merchandise prices have increased significantly—to cover losses. These obstacles caused UK bands’ tours in southern Europe to drop by 74%.
Domestic shows in home countries have become saturated, harming all indie bands. The Guardian reviewed balance sheets of 12 anonymous UK artists, finding only one solo artist made nearly 6,500 pounds (~288,000 baht) profit in a month. Though this might seem decent, it must cover six months without touring, barely enough to live in high-cost cities like London.
Research titled "The Myth of the Creative Economy" by a European cultural institute highlights that streaming platforms (Spotify, Apple Music) create a “winner-takes-all” industry, where 90% of revenue flows to 1% of superstar artists. The remaining 99% cannot sustain themselves on streaming income alone and are forced to tour. However, rising touring costs have cut off almost all income channels for these artists.
Only a few superstars—Taylor Swift, Beyoncé, Ed Sheeran, Kendrick Lamar, The Weeknd, Coldplay, and recently Oasis’s reunion tour—dominate concert tour revenues. Even top global artists like Post Malone, Zayn Malik, and Meghan Trainor have had to postpone or cancel multiple American tour dates.
After COVID restrictions eased, labels and promoters pushed ticket prices up by at least 38% above pre-pandemic levels, betting on fans eager to attend live shows. Additionally, consumer exploitation tactics like Dynamic Pricing raised ticket costs further when demand surged.
This "strike while the iron is hot" approach has long-term consequences. With current economic hardships and inflation, fans struggle to afford tickets. Stadium concerts pre-booked by organizers suffer heavy losses due to unsold seats, visible as “Blue Dot Fever” on ticket platforms. Ultimately, many shows are canceled.
Japanese artist NANO announced cancellation of all international tours due to severe post-COVID financial and transport challenges. Costs for travel, visas, instrument shipping, accommodation systems, and crew salaries have skyrocketed, clashing with current economic conditions and consumer spending power. This risk threatens the futures of musicians and their teams.
NANO acknowledged fans had booked flights, hotels, and expenses to see her, causing her deep regret at not fulfilling commitments. She clarified the decision was not surrender but a strategic retreat to preserve everyone’s future. She plans to continue making music and seek appropriate opportunities to return to international touring.
Many Japanese artists face similar problems, though some accept losses or minimal profits to perform abroad, despite low attendance. This is due to the yen’s sharp devaluation amid global economic crises, inflation, and especially soaring visa fees. U.S. visa charges for foreign artists have increased by hundreds of percent recently, creating massive barriers for mid-level foreign tours.
The current situation, where artists must do everything—including spending their own money—to reach fans and continue music careers, is not global. Such circumstances mainly occur in countries where governments neglect supporting creative artists who do not directly generate national revenue.
Many European countries support foreign artists touring domestically with government funding (subject to selection and verification). The European Union has central funds and programs like Culture Moves Europe and Music Moves Europe, providing grants to artists lacking resources for art and concert performances. France’s National Music Center (CNM) offers funds to foreign bands signed to French labels for travel and accommodation during domestic and international tours.
Germany has the federal Initiative Musik agency that allocates significant budgets to advance the independent music industry. Nordic countries have export agencies; for example, Norwegian rock or metal bands can apply for grants covering airfare, visas, and instrument transport almost immediately, requiring only concert invitation letters.
However, in countries without official government support for independent creative artists, investors, promoters, and artists must rely on each other. Often, this fails to find balanced solutions, as financial calculations show organizing tours is uneconomical. Consequently, artists aiming to present their work on stage must self-finance tours to varying degrees and spend money very cautiously. While some state and private programs support foreign art promotion, these initiatives remain nascent and cannot assist every artist wishing to showcase Thai culture through music abroad.
The biggest current question is whether these programs effectively address problems sustainably and long-term.
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