Musical artists and singers who will be in their 50s and 60s in 2011 produced a combined 59% of US touring revenue from the top 20 live acts between 2000 and 2009, according to a new white paper from Deloitte. “Technology, Media & Telecommunications Predictions 2011” finds that 40% of touring revenue from the top 20 live acts in the past decade, or about $2.5 billion, was generated by artists who are or will be in their 60s this year.
40% of Top 20 Acts Have Singer 60 or Older This Year
In 2011, the lead singers for eight of the 20 top-grossing US live acts from 2000-2009 will be 60 or older. Only one of the artists on the list, country crossover group Rascall Flatts, released their first album in the past decade (2000).
From 2000 through 2009, Rascall Flatts grossed about $222 million from touring. The other 19 acts grossed a combined $6 billion in that period.
New Talent Generation Critical
Given the advancing age of many of the top-grossing live acts of the past decade, Deloitte advises that the music industry make a concerted effort to identify and promote new talent. Especially as Deloitte analysis indicates live music revenues have done fairly well in the recession while album sales have significantly shrunk, the company recommends the live music industry co-invest with companies outside the music sector that wish to use music to promote their brands.
In addition, as Deloitte analysis indicates festivals will become an increasingly important means of generating live music revenue and promoting musical performers, Deloitte suggests that the festivals themselves assist in promotional activities such as releasing new albums and singles. Deloitte forecasts that label-sourced artist & repertoire (A&R) promotional spending will decline by $500 million per year globally for the next few years.
Bon Jovi Brings in Bucks
Hard rock group Bon Jovi was the only North American musical concert tour to gross more than $100 million in 2010 ($108.2 million), according to recent data from PollStar. The veteran “hair metal” band, whose lead singer will turn 49 this year, outgrossed the number two North American act, former Pink Floyd vocalist/bassist Roger Waters (who turns 68 this year), by almost $20 million ($89.5 million).
Many of the top 10 North American concert acts of 2010 have been around for a while. While three acts launched in the 1990s (Dave Matthews Band, Trans-Siberian Orchestra, and Black Eyed Peas) three also first became known in the 1960s (Waters, McCartney, and Carole King/James Taylor). The Eagles took flight in the 1970s and Bon Jovi debuted in the 1980s, while only two began their careers in the past decade: Michael Buble and Lady Gaga.