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Speaker 1: Welcome to another episode of Strictly Business, the podcast in

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Speaker 1: which we speak with some of the brightest minds working

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Speaker 1: in the media business. Today, I'm Andrew Wallenstein with Variety.

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Speaker 1: With the Taylor Swift concert film cleaning up at the

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Speaker 1: box office is just another sign of what an incredible

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Speaker 1: year it's been for the live music business overall. That's

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Speaker 1: why Variety Intelligence Platform released a new study this week

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Speaker 1: in partnership with utaiq, the research arm of the UTA

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Speaker 1: Talent Agency, that digs deep into the market dynamics of

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Speaker 1: the concert business. So today I'm talking with a few

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Speaker 1: of my partners on that study, starting with Joe Kessler,

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Speaker 1: Global head of UTAIQ, and continuing with Heidi Chung, my colleague.

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Speaker 1: Get Variety Intelligence Platform to sample that study. Just visit

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Speaker 1: Variety dot com slash live Music and we'll be back

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Speaker 1: with Joe and Heidi in just a moment.

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Speaker 2: And we are back.

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Speaker 1: With Joe Kessler. He is the global head of uta IQ,

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Speaker 1: the Research analytics and Insights division of the UTA Talent Agency.

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Speaker 1: So we're talking with Joe Kessler, global head of UTAIQ.

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Speaker 1: That's the research analytics and Insights division of the UTA

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Speaker 1: Talent Agency. Thanks for taking some time out, Joe.

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Speaker 3: Thanks Andrew, appreciate it, and.

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Speaker 1: Thanks for collaborating with me and Vip on this study

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Speaker 1: that we went pretty damn I'm deep on the subject

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Speaker 1: of concerts and festivals, didn't we.

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Speaker 2: Yeah, we sure did, And it just seemed like the

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Speaker 2: timing was was appropriate for that given all the reporting.

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Speaker 3: And headlines that have been out there over the last

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Speaker 3: several months.

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Speaker 2: So it was it was a pleasure to work with you,

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Speaker 2: and it was I think a very productive exercise.

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Speaker 1: Yes, So, now that we've resurfaced after all this time,

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Speaker 1: what did we learn?

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Speaker 3: What did you know?

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Speaker 1: Obviously this has been this incredible year for the live

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Speaker 1: music business, but what do you think was ultimately the takeaway?

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Speaker 1: What was top of mind for you to explain this

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Speaker 1: incredible year for this business and why there was this tremendous,

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Speaker 1: tremendous uptake for the live music experience.

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Speaker 2: Yeah, well, I don't know that that's a simple answer,

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Speaker 2: but I think and having you know, just been deep

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Speaker 2: in the research for for several weeks now really few months,

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Speaker 2: I think where we're at is sort of a perfect

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Speaker 2: storm for what's occurred in the live music business here

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Speaker 2: in the last in the last I don't know, six

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Speaker 2: months or maybe even full year or more. On the

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Speaker 2: one hand, our research showed that much of the activity

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Speaker 2: and positive signals for the music businesses being driven by

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Speaker 2: the general relational cohort that we've come to know as millennials,

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Speaker 2: and I think that makes a lot of sense. You know,

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Speaker 2: millennials have been passionate about music as a sort of

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Speaker 2: definer for their culture for since they were children, and

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Speaker 2: I have actually been studying millennials for probably twenty years now,

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Speaker 2: since they were children. And now this whole generation of

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Speaker 2: millennials has entered into and matured into this period of

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Speaker 2: their lives where they have more disposable income than they've

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Speaker 2: ever had before, they're in their.

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Speaker 3: Peak earning years. So I think that that's one factor.

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Speaker 2: I think another factor, and probably one that's diminishing over

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Speaker 2: time but still present, is we're in this post pandemic

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Speaker 2: period where people have been spending more time alone, more

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Speaker 2: time at home, and are raving the company of their

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Speaker 2: peers in sharing the sort of passionate experience experiences that

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Speaker 2: live music concerts and festivals represent.

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Speaker 3: And then, third, I think.

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Speaker 2: That in a world in which our lives are becoming

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Speaker 2: increasingly increasingly virtual, and we're spending more time in front

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Speaker 2: of our screens. I think fans of all ages are

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Speaker 2: creating distinctive, in person, communal experiences, and live music seems

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Speaker 2: to be feeling that need.

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Speaker 3: And I would add answer to that.

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Speaker 2: I am personally an avid const goer and have been

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Speaker 2: my whole life, like many boomers, and I see that

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Speaker 2: in the concerts that I've been attending this past year,

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Speaker 2: the passion of the uh, the the shared experience with

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Speaker 2: people singing along to the lyrics and the and just

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Speaker 2: the energy and the arenas and the clubs and the stadiums.

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Speaker 2: I've never really experienced anything like it or and I

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Speaker 2: and that that really came through in the research.

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Speaker 1: And that may also explain why, you know, Taylor Swift's

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Speaker 1: Eras tour is translating so well to movie screens. On

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Speaker 1: the other hand, that doesn't necessarily tell us why the

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Speaker 1: movie business and cinemas in general isn't doing that well,

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Speaker 1: because it's not as if the shared experience is doing

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Speaker 1: that well week in week out when we look at

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Speaker 1: the data.

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Speaker 2: Right, And I think you know, by the way, we

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Speaker 2: did a study earlier this year on the film business,

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Speaker 2: I know, you guys have covered the film business, theatrical

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Speaker 2: film business quite a lot in the last year or

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Speaker 2: two as well, and I think we know that there's

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Speaker 2: probably and it seems to be indicated from the research,

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Speaker 2: that there would be a proclivity for more consumers to

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Speaker 2: go into movie theaters if there was that kind of

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Speaker 2: experience that they get from live music. If there was,

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Speaker 2: and we've seen it, by the way, for instance, in

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Speaker 2: theaters that offer exceptional experiences.

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Speaker 3: I'max, for instance, doing.

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Speaker 2: Very well even at times when overall the theatrical business

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Speaker 2: is not done as well as consistently. We did have that,

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Speaker 2: of course, that momentous weekend this summer, the Barbenheimer Weekend

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Speaker 2: this summer, but that I think the Barbenheimer Weekend showed

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Speaker 2: that if you if you deliver to people the kinds

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Speaker 2: of content that they're really striving for, they will they'll

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Speaker 2: show out, and they did for those films. But clearly

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Speaker 2: I think that shared experience that music brings is doing that.

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Speaker 2: And the way in which these tours have been both

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Speaker 2: marketed and presented, and they are I think a lot

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Speaker 2: of tours bigger and more thoughtful than they've ever been,

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Speaker 2: and I think is bringing people back to those arenas.

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Speaker 2: But we also know it goes well beyond Beyonce and

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Speaker 2: Taylor Swift. We're seeing this at kind of all levels

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Speaker 2: of the music of the Lictorian music business.

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Speaker 1: Well, by the way, we know Beyonce is going to

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Speaker 1: be following Taylor to theaters. Do you think might maybe

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Speaker 1: we'll see some legs on this trend and we could

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Speaker 1: see yet more of the many acts that did well

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Speaker 1: in arenas and stadiums following them to theaters, perhaps in

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Speaker 1: twenty twenty four.

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Speaker 3: I hope so.

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Speaker 2: I mean, I do think that some of the demands here,

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Speaker 2: at least as from an industry standpoint, And we know

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Speaker 2: that both of these films, a Beyonce film and the

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Speaker 2: Taylor Swift film are both being released by a theatrical

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Speaker 2: distributor at the actual chain AMC, and I think in

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Speaker 2: large part they're doing that out of concern for the

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Speaker 2: lack of content that's coming through coming through the system

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Speaker 2: from the studios at this point. But I think if

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Speaker 2: they're successful, and all indications are that they will be,

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Speaker 2: the pre sales on the Taylor Swift movie are almost unprecedented,

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Speaker 2: I think that I think that we should see more

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Speaker 2: and I certainly hope that we will. I, for one,

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Speaker 2: being of a certain age and generation, had an exceptional

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Speaker 2: experience a couple of weeks ago with seeing the re

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Speaker 2: release of The Great Talking Heads Gone Through Film Stop

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Speaker 2: making sense. I'm not sure how well that did. I

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Speaker 2: haven't seen the numbers recently, but I know it was

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Speaker 2: a very limited release, so I'm not sure it's a

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Speaker 2: good comp But I think if, for instance, if an

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Speaker 2: act like Bruce Springsteen or the Eagles or some of

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Speaker 2: the more legacy acts decided that they wanted to put

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Speaker 2: their recent tour footage on film, I think that they

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Speaker 2: would have been met with pretty significant success here as

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Speaker 2: a rest up of that.

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Speaker 1: So clearly that you have great optimism for the live

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Speaker 1: music business. But when I think about your your storm,

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Speaker 1: your perfect storm theory, you know, the second leg of it,

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Speaker 1: the post pandemic theory, I should say, I mean, that's

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Speaker 1: going to be exhausted in time, if it isn't already

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Speaker 1: on its last legs. I mean, so what makes you

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Speaker 1: confident about the long term when perhaps the second leg

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Speaker 1: of that theory could already be exhausting itself.

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Speaker 3: Well, I think I.

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Speaker 2: Think if two thirds of the storm polts up, it's

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Speaker 2: still going to be pretty good for the music business.

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Speaker 3: And I do think that.

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Speaker 2: The third one probably in the same pace at which

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Speaker 2: the post pandemic factor might erode or head the notion

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Speaker 2: of increasingly automated, increasingly virtual time in the consumption of media,

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Speaker 2: and again another factor. Really interesting article in the New

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Speaker 2: York Times this week about the impact of streaming on

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Speaker 2: movies and how movies tend to sort of sync into

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Speaker 2: the streaming universe as opposed to push out to consumers

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Speaker 2: excuse me, and I do think we're going to see

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Speaker 2: as streaming continues to continues to become the norm in

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Speaker 2: terms of how people consume content, and particularly film content,

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Speaker 2: but also TV content, they're going to be doing some

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Speaker 2: more alone, more in smaller groups, more in isolated places.

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Speaker 3: And I think that will continue to accelerate.

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Speaker 2: Another point from the survey that I think is compelling

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Speaker 2: as it relates to the future, and I should mention

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Speaker 2: that most consumers pultos that they'd be more interested to

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Speaker 2: continue and to go to more concerts and spend more

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Speaker 2: money on shows than they have before going forward, is

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Speaker 2: the degree to which people are traveling and going and

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Speaker 2: traveling longer distances to go to shows, and I think

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Speaker 2: that's really dedicative of the sort of deep seated passion

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Speaker 2: that people have.

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Speaker 3: For these shows.

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Speaker 2: I'm going to reference the research, but fifty eight percent

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Speaker 2: of our respondents told us that they had flown within

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Speaker 2: the US. I'm sorry, thirty nine percent of our respondents,

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Speaker 2: fifty eight percent of millennials told us that they would

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Speaker 2: go specifically fly on an airplane within the United States

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Speaker 2: to go see a live music event. At about six

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Speaker 2: out of ten who had done it before and told

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Speaker 2: us that they would do it again. If people are

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Speaker 2: traveling to other cities and to foreign countries to see shows,

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Speaker 2: I think that speaks to how deep the passion and

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Speaker 2: the interest in this medium runs. And I would also

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Speaker 2: mention that more people are seeing shows repeatedly on tours.

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Speaker 2: I'm sure that was influenced heavily by the two big

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Speaker 2: tours of the summer, you know.

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Speaker 3: Beyonce and Taylor Squipp.

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Speaker 2: But across the bar, the behavioral the behavioral aspects of

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Speaker 2: some of the results of the survey that we've seen

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Speaker 2: show us that more people are going to more shows

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Speaker 2: given tours than they have before. I don't know about you,

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Speaker 2: but historically I hadn't really been never gone to.

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Speaker 3: Shows more than once on a single tour. I might

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Speaker 3: see step are tours.

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Speaker 2: Of a given artist, but going to multiple shows on

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Speaker 2: the same tour is I think in general, outside maybe

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Speaker 2: the Grateful Dead and Dave Matthews band historically has been

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Speaker 2: kind of an unusual activity and unusual behavior, but it.

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Speaker 3: Seems to be not so unusual anymore.

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Speaker 2: So I think when you look at those things, you

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Speaker 2: can see that there is a degree of sustainability with

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Speaker 2: this current trend. I would point to one other aspect

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Speaker 2: as well, and that is both through their travel and

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Speaker 2: through their orientation toward buying tickets for concerts and festivals,

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Speaker 2: upgraded tickets like VIP packages and things along those lines,

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Speaker 2: which we also saw consider will increase. Here in the

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Speaker 2: study is particularly telling at a point when the economy

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Speaker 2: is obviously not in the best condition it's ever been.

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Speaker 2: It's probably maybe not quite as bad as some had

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Speaker 2: thought it would become, but certainly.

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Speaker 3: It's not in the greatest position.

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Speaker 2: We've seen inflation and so many different sectors of our lives,

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Speaker 2: and the fact that people are still willing to invest

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Speaker 2: and spend more on their contract going is I think

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Speaker 2: indicative of the fact that this is going to sustain.

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Speaker 2: How far ahead we can look, I don't know, that's

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Speaker 2: hard to say, but I think for the foreseeable future,

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Speaker 2: we're going.

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Speaker 3: To see a continued, very vibrant live concert business.

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Speaker 1: Yeah, you've got to wonder whether artists and the businesses

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Speaker 1: that represent them truly understand and I wonder how much

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Speaker 1: our survey will open their eyes to that. Just how

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Speaker 1: much of their audience is, you know, repeat business. My

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Speaker 1: favorite data point was this, ten percent of live music

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Speaker 1: goers said they have seen the same artists perform live

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Speaker 1: more than ten times. I mean rabid loyalty there, and

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Speaker 1: it really goes to the bottom line.

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Speaker 3: Yeah, it really does.

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Speaker 2: And I think, you know, I think any any brand

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Speaker 2: marketer would tell you that, you know, loyalty is the

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Speaker 2: holy grail, right, Getting people to come back and sample

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Speaker 2: the same product over and over again, or consume the

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Speaker 2: same product over and over again is sort of the

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Speaker 2: holy grail. I think music has achieved that. I do

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Speaker 2: think one of the interesting sidelights to this is the

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Speaker 2: impact on brands that, of course are struggling to reach

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Speaker 2: consumers of certain demographics more than they ever have before.

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Speaker 2: Many of them living beyond the reach of advertising with

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Speaker 2: streaming and YouTube and others, and with how and to

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Speaker 2: what degree will brands recognize the power of music as

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Speaker 2: the means of sort of associating with that kind of

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Speaker 2: passionate and loyal consumer. Will that transfer to brand loyalty

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Speaker 2: when brands can facilitate the ability for fans to have

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Speaker 2: a better experience at these shows. And I think some

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Speaker 2: of the data we've seen out of the promotion companies

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Speaker 2: has indicated I know Live Nation came out with a

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Speaker 2: study not long ago about this as indicated that they're

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Speaker 2: very They're saying a lot of growth in that area.

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Speaker 2: We didn't look at that directly in our study, but

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Speaker 2: I trust that they that they are, they're being honest

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Speaker 2: with us, and and it doesn't surprise me that that's

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Speaker 2: the case.

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Speaker 1: I mean, I have to say, we didn't look at

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Speaker 1: the sponsorship side of the business in the survey, so

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Speaker 1: you'll have to educate me a little as that. Have

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Speaker 1: we seen sponsorship dollars flowing in a healthy direction as

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Speaker 1: the rest of this business, you know, with revenues and

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Speaker 1: attendance and whatnot, Are they all flowing in the same

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Speaker 1: direction and proportion into each other.

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Speaker 2: Well, firsthand, I can just tell you kinecdotally within the

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Speaker 2: work that we do at Utah that our brand partnership

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Speaker 2: group is way busier than they've been, at least in

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Speaker 2: my tanger. I've been at the agency seven years. I

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Speaker 2: worked at one of our competitors for nine years before that.

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Speaker 2: I've never seen the brand partnership space in music more

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Speaker 2: active than it is now. And then from a sort

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Speaker 2: of second party perspective, you know, I'm just following what

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Speaker 2: the Live Nation study has told me, and I'm following

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Speaker 2: the quotes from those who are promoting the tours, and

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Speaker 2: they're telling us that brand spend is way up in

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Speaker 2: this space. And I'm not surprised on that based on

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Speaker 2: the anecdotal evidence I see from my colleagues at the agency.

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Speaker 1: Got it well, I can only imagine the health of

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Speaker 1: companies like Live Nation going into twenty twenty four. It's

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Speaker 1: you know, especially when you think about the rest of

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Speaker 1: the entertainment business right now, which is struggling in a

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Speaker 1: lot of different departments. To have a business this robust

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Speaker 1: is got to be a godsend in a lot of

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Speaker 1: different ways.

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Speaker 3: Yeah, I would think so.

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Speaker 2: Another issue that we hadn't talked about a lot, and

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Speaker 2: we didn really address in our study, but came up

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Speaker 2: in a conversation I had with a prolleague recently, was,

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Speaker 2: you know, a lot of the struggles of the of

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Speaker 2: the film entertainment business, television and film, the content business

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Speaker 2: is the handwringing around the potential impact of artificial intelligence's

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Speaker 2: coming upon us. And I think, you know, these live experiences,

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Speaker 2: I think can be based on what we know now,

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Speaker 2: can be significantly enhanced by the technology presented by artificial intelligence,

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Speaker 2: but ultimately can't really be replaced in the same way

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Speaker 2: a piece of recorded narrative content can. It's virtually impossible

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Speaker 2: to replace the experience that you have and the lead

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Speaker 2: up to going to a live concert and having that

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Speaker 2: kind of shared experience. I think the same would be

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Speaker 2: true of sports, which is also doing very well right now.

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Speaker 2: Even baseball, which I think a lot of people had

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Speaker 2: left for dead several years ago, has sawn.

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Speaker 3: Uptick this year in attendance.

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Speaker 2: I've seen it upticked in ratings, and so I think

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Speaker 2: sports is another sector like music live sports that is,

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Speaker 2: you know, seeing a resurgence as well. And I think

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Speaker 2: similarly there while there are ways to potentially enhance the

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Speaker 2: experience with AI technology. I don't think it's going to

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Speaker 2: be nearly as disruptive for those for music or for

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Speaker 2: sports as it could potentially be for filmed entertainment.

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Speaker 1: How refreshing is it to hear about a corner of

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Speaker 1: the business that is not going to get thoroughly disrupted

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Speaker 1: by AI. Well, Joe, appreciate you taking the time to

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Speaker 1: walk me through this. It's been such a pleasure to

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Speaker 1: work with you on this. Looking to collaborate with you

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Speaker 1: more in the future and appreciate your time.

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Speaker 3: Same here. I really enjoyed it. Thanks, Henord.

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Speaker 1: We'll be back in just a minute with Heidi Chung,

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Speaker 1: my colleague at Variety Intelligence Platform. We are back with

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Speaker 1: more with Heidi Chung, my colleague at Variety Intelligence Platform

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Speaker 1: who worked with me on this study about the live

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Speaker 1: music business. So let's start with just how big twenty

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Speaker 1: twenty three was for the concert business. It's obviously not over,

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Speaker 1: but I think we've got plenty of months under our

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Speaker 1: belt and we could see just how big it was.

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Speaker 4: I mean, there's certainly a reason why we decided to

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Speaker 4: do the study at the time that we did it. Right, Andy,

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Speaker 4: it's because all the headlines, all the numbers are basically

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Speaker 4: telling us that twenty twenty three is about to be

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Speaker 4: a record breaking year. Live Nation, who is of course,

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Speaker 4: the largest producer of live music events CEO, saying back

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Speaker 4: in July that this was their strongest second quarter ever,

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Speaker 4: with twenty twenty three as being on pace to be

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Speaker 4: a record year, and even early indicators for twenty twenty

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Speaker 4: four saying, you know, that's going to be another strong

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Speaker 4: year in the books for not just Live Nation, but

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Speaker 4: the entire industry as a whole. Really good data that

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Speaker 4: we got from.

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Speaker 1: I think it was Polestar, Yeah, it was.

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Speaker 4: Polestar, saying that the top one hundred worldwide tours, the

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Speaker 4: average meteor gross was about just under one point five

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Speaker 4: million dollars this year so far, and that's already sixty

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Speaker 4: five percent higher than the same period in twenty twenty

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Speaker 4: two and sixty one percent above twenty nineteen, so it's

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Speaker 4: already far exceeding last year, and even more importantly, the

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Speaker 4: pre pandemic levels as well.

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Speaker 1: It's insane. It's insane, and you can imagine what Q

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Speaker 1: three looked like. I think I saw some Polestar data

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Speaker 1: saying fifty per cent year over year, which of course

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Speaker 1: has to have everything to do with two particular individuals.

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Speaker 1: And we're talking there about Taylor Swift and Beyonce, who

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Speaker 1: had I mean to use the word astronomical tours is

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Speaker 1: an understatement. We just saw I think the Beyonce tour

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Speaker 1: just finished up. I think the number was five hundred

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Speaker 1: and seventy million. And Taylor Swift, who I just referenced

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Speaker 1: off the top, who's now moving into theaters, and Beyonce,

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Speaker 1: by the way, of course, is going to follow later

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Speaker 1: in the year her tour, which will continue later in

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Speaker 1: the year. They're saying this could go to one point

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Speaker 1: four billion, possibly even two billion.

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Speaker 4: It's insane, it's crazy, it's crazy, and I think that's

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Speaker 4: why we're seeing firms like PwC really give such a

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Speaker 4: positive outlook for the future even beyond from here. The US,

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Speaker 4: we're expected to see live music revenue total about nine

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Speaker 4: and a half billion dollars and that number is expected

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Speaker 4: to balloon to about ten and a half billion by

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Speaker 4: twenty twenty seven, and the same goes for global numbers

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Speaker 4: as well. It's expected to increase very rapidly over the

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Speaker 4: next few years. So I think this business is showing

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Speaker 4: no signs of slowing down. I don't know if we're

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Speaker 4: going to have Taylor, Swift, Beyonce, you know level shows

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Speaker 4: here in the near term, but you know, I don't

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Speaker 4: want to count anyone out, and I think that we're

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Speaker 4: going to see a lot of growth going forward.

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Speaker 1: Yeah, and well, we'll get to twenty twenty four in

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Speaker 1: a second. But I think we got to talk about

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Speaker 1: this survey that we did with our friends at UTA,

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Speaker 1: who did just a bang up job, and we're really

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Speaker 1: appreciative of the work that they did. What was interesting,

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Speaker 1: I think was that when we dug into the consumer

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Speaker 1: sentiment and learned more about how consumers we were feeling

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Speaker 1: about the concert experience, we realized that it wasn't just

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Speaker 1: as simple as what I think probably a lot of

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Speaker 1: people think, which is like, oh, Taylor and Beyonce were huge,

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Speaker 1: therefore the entire business was huge, and you know, oh,

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Speaker 1: it just must be that lots and lots of If

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Speaker 1: you read the press, it was, you know, so many

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Speaker 1: women are coming out for Taylor and Beyonce. It the

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Speaker 1: narrative wasn't so simple. And I think the first thing

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Speaker 1: that struck me when I was looking at the survey

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Speaker 1: data was the gender thing that there was. It wasn't

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Speaker 1: just about, Oh, women are coming out in force. It

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Speaker 1: seemed like men were also a big part of the

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Speaker 1: story when we looked at the survey data, wouldn't you.

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Speaker 4: Say, yeah? And to be fair, before we ran this survey,

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Speaker 4: I would have thought the same thing, that it was

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Speaker 4: Taylor and Beyonce and a bunch of women really driving

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Speaker 4: up the live music business. But like you mentioned, the

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Speaker 4: survey actually told us a much more complex story about

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Speaker 4: who exactly was driving the surge, not just this year

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Speaker 4: but also pre pandemic and men are super under appreciated

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Speaker 4: in that sense.

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Speaker 1: Now.

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Speaker 4: Our survey found that men were more likely to have

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Speaker 4: gone to a concert this year, with forty two percent

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Speaker 4: saying that they've attended a live music show in the

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Speaker 4: past twelve months, and that compares with just thirty one

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Speaker 4: percent of women, and men were almost twice as likely

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Speaker 4: as women to say that their concert attendance increased over

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Speaker 4: the past twelve months versus pre COVID And on the

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Speaker 4: flip side of that, andy one third of women said

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Speaker 4: that their concert attendance in the past twelve months actually

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Speaker 4: decreased compared with COVID. So yeah, as you as you

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Speaker 4: see it in our survey results here, you just can't

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Speaker 4: deny that men are really the ones that are driving

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Speaker 4: a lot of this growth that we've seen over the

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Speaker 4: past couple of years.

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Speaker 1: And of course, by we're not saying men weren't going

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Speaker 1: to Taylor Swift and Beyonce like I'm sure they've been

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Speaker 1: study of mail fans, that's clear. But another thing we

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Speaker 1: also found out was it wasn't as if just like

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Speaker 1: pop and R and B were drawing people to these concerts.

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Speaker 1: There was a very clear broad base of genres that

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Speaker 1: were bringing people out. When you looked at there really

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Speaker 1: was no one dominant genre all boats all. You know,

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Speaker 1: there was this rising tide lifting many different genres across

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Speaker 1: the board.

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Speaker 4: Yeah, so when you remove both pop and R and B,

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Speaker 4: you still have strong showings across I don't think I

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Speaker 4: even have to say this for a lot of people

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Speaker 4: to know, but Latin was huge, kpop being another one,

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Speaker 4: and nine out of the ten top tours between November

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Speaker 4: twenty twenty two and April of this year were for

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Speaker 4: male performers.

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Speaker 3: Yeah.

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Speaker 1: Yeah, country music I think had a great year. Morgan Wallin,

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Speaker 1: I think was one particular name that stood out and

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Speaker 1: had probably the no not probably definitely the biggest tour

441
00:25:54,320 --> 00:25:58,680
Speaker 1: ever for a country music artist. What we did in

442
00:25:59,000 --> 00:26:01,639
Speaker 1: the study that we put together was we had a

443
00:26:01,680 --> 00:26:05,560
Speaker 1: slide where we actually removed Taylor, Swift and Beyonce's numbers,

444
00:26:05,600 --> 00:26:09,479
Speaker 1: which again to be clear, head and shoulders above the

445
00:26:09,520 --> 00:26:13,359
Speaker 1: rest are not taking that away from anyone, but when

446
00:26:13,400 --> 00:26:17,200
Speaker 1: you removed them, we wanted to show that there were

447
00:26:17,359 --> 00:26:21,800
Speaker 1: so many other incredible performances that this year that were

448
00:26:21,920 --> 00:26:28,760
Speaker 1: being overshadowed. Harry Stiles had an incredible year. Elton John

449
00:26:29,119 --> 00:26:31,960
Speaker 1: would probably be the name everyone was talking about this

450
00:26:32,080 --> 00:26:36,760
Speaker 1: year were it not for Taylor and Beyonce, because he

451
00:26:36,920 --> 00:26:40,639
Speaker 1: had a record year because of the tour that he

452
00:26:40,760 --> 00:26:43,520
Speaker 1: had been on maybe four or five years now that

453
00:26:43,680 --> 00:26:49,959
Speaker 1: culminated in twenty twenty three. Coldplay another huge tour that

454
00:26:50,119 --> 00:26:53,600
Speaker 1: ended in twenty twenty three, So a really broad base

455
00:26:53,640 --> 00:26:57,360
Speaker 1: of performers across a lot of genres that in any

456
00:26:57,440 --> 00:27:02,080
Speaker 1: other year would have been hale but got overshadowed just

457
00:27:02,119 --> 00:27:06,040
Speaker 1: because of these two other women who had again years

458
00:27:06,160 --> 00:27:07,520
Speaker 1: like we may never see ever again.

459
00:27:08,000 --> 00:27:10,320
Speaker 4: It's really incredible, I have to say, and also I

460
00:27:10,359 --> 00:27:12,880
Speaker 4: do want to point out that data point that you're

461
00:27:12,880 --> 00:27:15,280
Speaker 4: referring to from Billboard box Score. If you take a

462
00:27:15,280 --> 00:27:18,840
Speaker 4: look at July and you strip apart the Beyonce of

463
00:27:18,880 --> 00:27:20,800
Speaker 4: it all, the Taylor Swift of it all, it was

464
00:27:20,840 --> 00:27:25,000
Speaker 4: an entire list topped with male performers. Yeah, that alone

465
00:27:25,520 --> 00:27:26,600
Speaker 4: is super shocking to me.

466
00:27:26,840 --> 00:27:29,200
Speaker 1: It is now, I think we also have to step

467
00:27:29,240 --> 00:27:33,200
Speaker 1: a little further back, and you know, it's not as

468
00:27:33,200 --> 00:27:36,600
Speaker 1: simple as Hey, there were a lot of great performers. Therefore,

469
00:27:37,600 --> 00:27:39,960
Speaker 1: that's why all these people came out. There were also

470
00:27:40,520 --> 00:27:45,520
Speaker 1: more macro economic circumstances at play here. You know, you

471
00:27:45,720 --> 00:27:49,960
Speaker 1: talked about these comparisons with between now in pandemic times.

472
00:27:50,320 --> 00:27:53,119
Speaker 1: That's where I think we have to start in terms

473
00:27:53,280 --> 00:27:57,280
Speaker 1: of noting that the pandemic in and of itself, I

474
00:27:57,320 --> 00:27:59,760
Speaker 1: think is a market force that has to be identified.

475
00:28:00,200 --> 00:28:02,760
Speaker 1: And we've talked about this in a number of ways

476
00:28:02,800 --> 00:28:05,400
Speaker 1: across a number of different media over the years here

477
00:28:05,440 --> 00:28:09,800
Speaker 1: at VIP, I think there is a notion that was

478
00:28:09,880 --> 00:28:12,760
Speaker 1: at play here where because people were cooped up in

479
00:28:12,800 --> 00:28:15,000
Speaker 1: their homes for a number of years, there's this renewed

480
00:28:15,040 --> 00:28:19,200
Speaker 1: appreciation of just getting out there, being with other people

481
00:28:19,240 --> 00:28:24,800
Speaker 1: for a communal experience that I think undoubtedly plays a

482
00:28:24,840 --> 00:28:28,159
Speaker 1: part in why the market for concerts and festivals is

483
00:28:28,160 --> 00:28:29,320
Speaker 1: big in twenty twenty three.

484
00:28:29,520 --> 00:28:31,760
Speaker 4: Right, that's exactly right. I mean, if you think about it,

485
00:28:31,840 --> 00:28:35,040
Speaker 4: for two years or so, everyone was so scared to

486
00:28:35,040 --> 00:28:37,000
Speaker 4: go out and be in big groups like this. But

487
00:28:37,080 --> 00:28:40,800
Speaker 4: we're seeing this resurgence not just across live music, but

488
00:28:40,880 --> 00:28:42,960
Speaker 4: a lot of other in person experience as well, whether

489
00:28:43,000 --> 00:28:46,560
Speaker 4: it's theme parks, travel, I mean, everyone I know was

490
00:28:46,600 --> 00:28:49,160
Speaker 4: basically in Europe over the weekend or excuse me, over

491
00:28:49,200 --> 00:28:52,080
Speaker 4: the summer, and so people have just been dying to

492
00:28:52,080 --> 00:28:54,240
Speaker 4: get out there, to be a part of a community,

493
00:28:54,640 --> 00:28:57,720
Speaker 4: to be with like minded people and celebrate being able

494
00:28:57,760 --> 00:29:01,440
Speaker 4: to enjoy things outdoors. Again, that's exactly why we're seeing

495
00:29:01,480 --> 00:29:05,880
Speaker 4: all these people opt for live music and concert experiences.

496
00:29:05,920 --> 00:29:08,200
Speaker 4: Also music festivals. I want to throw in there as well.

497
00:29:08,920 --> 00:29:12,200
Speaker 4: The survey found that more than one third of US

498
00:29:12,240 --> 00:29:15,320
Speaker 4: live music attendees said that going to concerts and music

499
00:29:15,360 --> 00:29:19,200
Speaker 4: festivals had become more important to them since the COVID

500
00:29:19,280 --> 00:29:23,440
Speaker 4: nineteen pandemic. And also it's just it's just having that

501
00:29:23,480 --> 00:29:27,760
Speaker 4: meaningful connection with other fans of the same artist or group.

502
00:29:28,240 --> 00:29:31,800
Speaker 4: Just going there being together, singing out loud, and enjoying

503
00:29:31,800 --> 00:29:34,320
Speaker 4: that company, I think is something that you can't replicate

504
00:29:34,680 --> 00:29:37,560
Speaker 4: anywhere else, and so that energy is really what resonates

505
00:29:37,560 --> 00:29:41,200
Speaker 4: with people. People also in the survey saying that fifty

506
00:29:41,200 --> 00:29:43,680
Speaker 4: seven percent of them saying that attending concerts and music

507
00:29:43,760 --> 00:29:47,320
Speaker 4: festivals were some of their favorite memories. And so I

508
00:29:47,360 --> 00:29:49,920
Speaker 4: think we're going to continue to see more people, you know,

509
00:29:50,040 --> 00:29:53,640
Speaker 4: so long as we don't see another major COVID issue

510
00:29:54,520 --> 00:29:56,920
Speaker 4: or anything external like that, I think we're going to

511
00:29:56,960 --> 00:30:00,760
Speaker 4: continue to see people opt to go outside to amongst

512
00:30:01,040 --> 00:30:03,520
Speaker 4: like minded people and fans and enjoy the music that

513
00:30:03,560 --> 00:30:03,920
Speaker 4: they love.

514
00:30:04,400 --> 00:30:06,840
Speaker 1: But when you're talking about external circumstances, I got to

515
00:30:06,880 --> 00:30:09,920
Speaker 1: bring something up that a week ago I wouldn't have,

516
00:30:10,800 --> 00:30:14,640
Speaker 1: which is we are having this conversation just days after

517
00:30:14,920 --> 00:30:21,400
Speaker 1: an incredible, awful tragedy that took place in Israel, the

518
00:30:21,640 --> 00:30:26,760
Speaker 1: terrorist attacks of which perhaps the most heinous. If I

519
00:30:26,760 --> 00:30:31,080
Speaker 1: could even make these ridiculous comparisons, you know, two hundred

520
00:30:31,120 --> 00:30:37,440
Speaker 1: and sixty people killed in an outdoor festival that you know,

521
00:30:38,400 --> 00:30:42,920
Speaker 1: this is not unprecedented. There's been these incidents in many

522
00:30:42,960 --> 00:30:45,360
Speaker 1: different countries over the years. Even I think and It

523
00:30:45,360 --> 00:30:48,520
Speaker 1: amazes me that people don't even forget back. In twenty seventeen,

524
00:30:48,560 --> 00:30:52,800
Speaker 1: there was a horrifying incident in on US soil in

525
00:30:52,880 --> 00:30:55,640
Speaker 1: Las Vegas. I believe it was outside the Mandalay Bay.

526
00:30:56,240 --> 00:30:59,720
Speaker 1: Fifty nine people that got shot. And why do I

527
00:30:59,760 --> 00:31:03,200
Speaker 1: bring these things up? Because you better believe we're sitting

528
00:31:03,200 --> 00:31:06,480
Speaker 1: here having this, you know, conversation about how amazing the

529
00:31:06,560 --> 00:31:11,320
Speaker 1: concert business is. God forbid we see an incident like

530
00:31:11,360 --> 00:31:15,959
Speaker 1: that happen again on US soil or any major city.

531
00:31:16,080 --> 00:31:19,280
Speaker 1: It will have a devastating impact on the concert business

532
00:31:19,360 --> 00:31:24,320
Speaker 1: or the festival business because the security issues that the

533
00:31:24,400 --> 00:31:28,959
Speaker 1: concert business has been blessed to have not experienced in

534
00:31:29,040 --> 00:31:32,280
Speaker 1: major cities. All this progress that we're sitting here crowing

535
00:31:32,320 --> 00:31:36,080
Speaker 1: about it will go away very quickly. I can only

536
00:31:36,280 --> 00:31:42,280
Speaker 1: hope that the major promoters arenas and stadiums look at

537
00:31:42,320 --> 00:31:46,480
Speaker 1: what happened in Israel and are not complacent and are

538
00:31:46,600 --> 00:31:51,400
Speaker 1: doubling down on security issues because no one is immune anywhere.

539
00:31:51,680 --> 00:31:54,240
Speaker 1: I hate to be such a downer on that note.

540
00:31:54,320 --> 00:31:56,480
Speaker 4: No, I absolutely agree, and I think you know it's

541
00:31:56,520 --> 00:32:01,040
Speaker 4: easier for arenas and larger format is like stadiums to

542
00:32:01,080 --> 00:32:04,240
Speaker 4: implement those kinds of security measures, but I worry about

543
00:32:04,240 --> 00:32:09,280
Speaker 4: the smaller venues, right, Like, it's not as easy to

544
00:32:09,640 --> 00:32:13,320
Speaker 4: scan everyone and screen everyone to make sure everyone's you know,

545
00:32:13,400 --> 00:32:16,320
Speaker 4: safe and not bringing any you know, paraphnelia or anything

546
00:32:16,400 --> 00:32:20,160
Speaker 4: like that. But the attack that happened over the weekend,

547
00:32:20,200 --> 00:32:23,600
Speaker 4: that was also not internal, right, that was, like you mentioned,

548
00:32:23,600 --> 00:32:26,520
Speaker 4: it was from external forces coming from the sky. So

549
00:32:26,560 --> 00:32:30,040
Speaker 4: it's really hard to prevent things like that from happening.

550
00:32:30,080 --> 00:32:33,000
Speaker 4: But like you said, if something God forbid were to

551
00:32:33,040 --> 00:32:36,520
Speaker 4: happen like that here, it would really really push the

552
00:32:36,640 --> 00:32:39,080
Speaker 4: concert business as resurgence back by a lot.

553
00:32:40,160 --> 00:32:44,680
Speaker 1: We would be remiss in also not addressing the macro

554
00:32:44,920 --> 00:32:50,480
Speaker 1: economic issues of the concert business. And look and here

555
00:32:50,480 --> 00:32:54,960
Speaker 1: it gets a bit complicated, but really interesting because to

556
00:32:55,080 --> 00:32:59,000
Speaker 1: no surprise, coming in a year where you know, there

557
00:32:59,040 --> 00:33:04,880
Speaker 1: has been economic struggles and issues both in this country globally.

558
00:33:05,400 --> 00:33:08,840
Speaker 1: But you know, we saw average ticket prices for the

559
00:33:08,880 --> 00:33:13,160
Speaker 1: top one hundred tours Pollstar reported had increased about ten

560
00:33:13,240 --> 00:33:16,320
Speaker 1: percent compared to last year. My guess is when we

561
00:33:16,360 --> 00:33:18,400
Speaker 1: get to the end of year numbers, that number will

562
00:33:18,400 --> 00:33:22,520
Speaker 1: probably be even higher. We saw, certainly in resale some

563
00:33:22,760 --> 00:33:28,480
Speaker 1: astronomical increases as well, and to no surprise. Let's see,

564
00:33:28,680 --> 00:33:32,520
Speaker 1: I believe the number was sixty two percent surveyed said

565
00:33:33,120 --> 00:33:39,120
Speaker 1: it was the number one barrier to ticket to tickets

566
00:33:39,280 --> 00:33:43,600
Speaker 1: was the cost of tickets. Number two was the fees

567
00:33:44,640 --> 00:33:47,719
Speaker 1: attached to those ticket prices. And we've seen what a

568
00:33:47,800 --> 00:33:52,320
Speaker 1: political football that has been all year at both the

569
00:33:52,360 --> 00:33:56,560
Speaker 1: federal and state level. So no surprise that there's been

570
00:33:56,600 --> 00:34:00,600
Speaker 1: economic issues. And yet you would think that would have

571
00:34:00,600 --> 00:34:06,680
Speaker 1: a chilling effect perhaps on the fact on just you know,

572
00:34:06,720 --> 00:34:12,239
Speaker 1: the uptake of concert and festival tickets. Not quite. I mean,

573
00:34:12,480 --> 00:34:17,080
Speaker 1: we're still seeing a very healthy market, even though there

574
00:34:17,160 --> 00:34:20,879
Speaker 1: are obviously very clear reservations. What do you make of that?

575
00:34:21,400 --> 00:34:23,480
Speaker 4: So I think when it comes to the high ticket

576
00:34:23,520 --> 00:34:26,600
Speaker 4: prices and then separately the high ticket fees, those are

577
00:34:26,640 --> 00:34:32,279
Speaker 4: two very separate stories. So starting with the high ticket prices,

578
00:34:32,920 --> 00:34:35,960
Speaker 4: that all stems from inflation. Right, We're not just seeing

579
00:34:36,000 --> 00:34:40,480
Speaker 4: inflation on our day to day goods, gasoline prices, you know,

580
00:34:40,520 --> 00:34:44,640
Speaker 4: your groceries. It's impacting all facets of the economy, and

581
00:34:44,680 --> 00:34:47,799
Speaker 4: ticket prices happens to be one of them. Unfortunately, when

582
00:34:47,800 --> 00:34:51,080
Speaker 4: you see a surge and demand, whether it's for concerts

583
00:34:51,160 --> 00:34:54,360
Speaker 4: or festivals, people are going to mark up the tickets

584
00:34:54,360 --> 00:34:56,640
Speaker 4: the sellers are they know that they have the ability

585
00:34:56,680 --> 00:34:59,120
Speaker 4: to do so, and the demand for Taylor, for Beyonce,

586
00:34:59,280 --> 00:35:02,520
Speaker 4: for Coldplay has been so high that they're able to

587
00:35:02,719 --> 00:35:06,600
Speaker 4: mark them up. Now. People are still opting to go

588
00:35:06,680 --> 00:35:11,560
Speaker 4: to these experiences because even though their discretionary spending is

589
00:35:11,640 --> 00:35:16,719
Speaker 4: being rained in because of the current macroeconomic situation, they're

590
00:35:16,800 --> 00:35:19,440
Speaker 4: opting because this is what makes them happy, this is

591
00:35:19,480 --> 00:35:21,520
Speaker 4: what gives them the memories. Like I mentioned in our

592
00:35:21,560 --> 00:35:24,640
Speaker 4: other segment, it's picking and choosing where you want to

593
00:35:24,640 --> 00:35:28,240
Speaker 4: spend your money, right and apparently, for now, people still

594
00:35:28,239 --> 00:35:30,600
Speaker 4: want to spend their money at concerts and music festivals.

595
00:35:31,080 --> 00:35:34,520
Speaker 4: Now to your point about the high ticket fees that

596
00:35:34,640 --> 00:35:38,759
Speaker 4: really stemmed from the drama with ticket Master, Live Nation

597
00:35:39,120 --> 00:35:41,719
Speaker 4: and Taylor Swift, and I think that was a long

598
00:35:41,760 --> 00:35:45,520
Speaker 4: time coming. These ticket fees were being hidden for a

599
00:35:45,560 --> 00:35:47,799
Speaker 4: long time and people didn't really say anything about it

600
00:35:47,840 --> 00:35:51,080
Speaker 4: because it wasn't really causing too much of an issue.

601
00:35:51,400 --> 00:35:54,400
Speaker 4: But when that Taylor Swift stuff happened, then it really

602
00:35:54,400 --> 00:35:56,680
Speaker 4: became a this is a much bigger issue that we

603
00:35:56,719 --> 00:35:59,839
Speaker 4: need to address, and lawmakers have become very serious about

604
00:35:59,840 --> 00:36:02,560
Speaker 4: our which I think is great. Now, what kind of

605
00:36:02,560 --> 00:36:05,040
Speaker 4: reform comes out of it? I think that remains to

606
00:36:05,080 --> 00:36:09,399
Speaker 4: be seen. I don't know what that picture will look

607
00:36:09,440 --> 00:36:11,400
Speaker 4: like down the line, but if you were to guess,

608
00:36:11,480 --> 00:36:13,799
Speaker 4: I don't know, like what kind of things can they

609
00:36:13,920 --> 00:36:17,880
Speaker 4: realistically do on the fee front, aside from just pushing

610
00:36:18,280 --> 00:36:21,279
Speaker 4: Ticketmaster and lighten Nation to be more upfront with it,

611
00:36:21,440 --> 00:36:23,719
Speaker 4: Like they can't make them lower them, right, I.

612
00:36:23,640 --> 00:36:27,840
Speaker 1: Mean, so far reform has looked like the ultimate nothing burger.

613
00:36:27,960 --> 00:36:31,120
Speaker 1: It just seems like this is one of those issues

614
00:36:31,200 --> 00:36:35,680
Speaker 1: where politicians from Joe Biden, who has tweeted about this

615
00:36:35,719 --> 00:36:38,920
Speaker 1: as recently as just a few weeks ago on down

616
00:36:39,120 --> 00:36:42,799
Speaker 1: are saying this just a curry votes with you know,

617
00:36:42,960 --> 00:36:46,759
Speaker 1: millennials and younger folks who you know, really don't do

618
00:36:47,239 --> 00:36:50,920
Speaker 1: as much voting as they would like. I don't really

619
00:36:50,960 --> 00:36:54,200
Speaker 1: think this is a real issue in the scheme of things.

620
00:36:54,600 --> 00:36:57,400
Speaker 1: What I do think, though, is that there is a

621
00:36:57,480 --> 00:37:06,120
Speaker 1: real kind of schizophrenia about about people paying for what

622
00:37:06,160 --> 00:37:10,719
Speaker 1: they otherwise would say they can't afford to pay for.

623
00:37:11,080 --> 00:37:13,799
Speaker 1: I mean, there was another stat that really jumped out

624
00:37:13,840 --> 00:37:16,839
Speaker 1: at me in this survey. More than half of consumers

625
00:37:16,960 --> 00:37:20,719
Speaker 1: are just as willing to purchase VIP tickets as they

626
00:37:20,719 --> 00:37:24,160
Speaker 1: were a pre pandemic, while three in ten have become

627
00:37:24,680 --> 00:37:28,920
Speaker 1: more willing. I mean this to me speaks to what

628
00:37:29,000 --> 00:37:33,840
Speaker 1: they talk about in economic circles as revenge spending. This

629
00:37:34,000 --> 00:37:38,439
Speaker 1: notion that you know, they are that some people are

630
00:37:38,600 --> 00:37:43,120
Speaker 1: willing to splurge on certain things. There's almost a generational

631
00:37:43,200 --> 00:37:48,200
Speaker 1: issue here where some economists talk about, you know, among

632
00:37:48,239 --> 00:37:52,520
Speaker 1: millennials younger folk, that this is a generation that has

633
00:37:52,600 --> 00:37:56,760
Speaker 1: come up. They don't think about things like owning homes

634
00:37:56,880 --> 00:37:59,600
Speaker 1: or saving up for that kind of high end stuff.

635
00:38:00,080 --> 00:38:04,040
Speaker 1: Where do they think about putting their money in experiences

636
00:38:04,120 --> 00:38:09,640
Speaker 1: and concerts, high end purchases like experiences like concerts. That's

637
00:38:09,719 --> 00:38:13,160
Speaker 1: where they're going to spend their money, which sounds alien

638
00:38:13,320 --> 00:38:16,200
Speaker 1: to older generations that want to put their money in

639
00:38:16,360 --> 00:38:22,759
Speaker 1: things that are investible. And yet that's where this generation

640
00:38:23,080 --> 00:38:26,880
Speaker 1: is and it seems strange, and yet who are we

641
00:38:27,000 --> 00:38:31,160
Speaker 1: to judge? Everyone has different values. It's interesting, but.

642
00:38:31,160 --> 00:38:33,600
Speaker 4: Andy, I think that's the perfect segue into the portion

643
00:38:33,760 --> 00:38:36,880
Speaker 4: of this survey in which we talk about credit cards

644
00:38:36,960 --> 00:38:40,200
Speaker 4: and the notion of buy now and pay later, and

645
00:38:40,239 --> 00:38:43,320
Speaker 4: the fact that so many of the respondents were actually

646
00:38:43,400 --> 00:38:47,400
Speaker 4: interested in potentially doing a payment plan or using a

647
00:38:47,400 --> 00:38:50,600
Speaker 4: payment plan or a buy now, pay later service to

648
00:38:50,680 --> 00:38:55,560
Speaker 4: afford a live music ticket. And that is so crazy

649
00:38:55,560 --> 00:38:58,120
Speaker 4: to me. I mean, I am in the millennial generation,

650
00:38:58,320 --> 00:39:01,080
Speaker 4: but I would never consider doing something like that. Yet

651
00:39:01,080 --> 00:39:03,640
Speaker 4: you have half of the respondents saying that they're very

652
00:39:03,719 --> 00:39:06,279
Speaker 4: much interested in doing something like that. And when we

653
00:39:06,320 --> 00:39:10,920
Speaker 4: asked respondents if they had ever done any of that before,

654
00:39:11,080 --> 00:39:14,960
Speaker 4: we had thirty eight percent of folks say that they

655
00:39:15,040 --> 00:39:18,319
Speaker 4: have used a payment plan, and then, even more interestingly,

656
00:39:18,400 --> 00:39:21,440
Speaker 4: thirty four percent of respondents said that they opened a

657
00:39:21,480 --> 00:39:25,520
Speaker 4: credit card specifically for a concert or music festival pre

658
00:39:25,600 --> 00:39:30,279
Speaker 4: sale ticket. It's just staggering, like are they reading the

659
00:39:30,280 --> 00:39:33,040
Speaker 4: fine print? I don't know, because I mean from a

660
00:39:33,080 --> 00:39:35,600
Speaker 4: personal finance perspective, that could be very dangerous.

661
00:39:35,800 --> 00:39:38,279
Speaker 1: Well here's something else. Here's something else you consider from

662
00:39:38,320 --> 00:39:43,040
Speaker 1: a personal finance perspective. As you've written about for VIP

663
00:39:43,400 --> 00:39:48,640
Speaker 1: earlier this year, student loan forgiveness having gone out the window,

664
00:39:49,560 --> 00:39:54,000
Speaker 1: Joe Biden coming up short on that front. You know,

665
00:39:54,600 --> 00:39:59,000
Speaker 1: a for millions of young people who are not going

666
00:39:59,080 --> 00:40:01,279
Speaker 1: to get the break that they thought they were going

667
00:40:01,360 --> 00:40:04,279
Speaker 1: to get, is that at least going to be the

668
00:40:04,320 --> 00:40:07,640
Speaker 1: thing that perhaps gets them to curb their spending, because

669
00:40:07,680 --> 00:40:10,719
Speaker 1: if it does, the live nations of the world may

670
00:40:10,760 --> 00:40:14,520
Speaker 1: want to rethink their rosy projections this year and beyond.

671
00:40:14,600 --> 00:40:17,000
Speaker 4: I mean, it certainly can, And we started to see

672
00:40:17,040 --> 00:40:20,680
Speaker 4: that those student loan repayments began this month. Yeah, we'll

673
00:40:20,719 --> 00:40:22,799
Speaker 4: definitely see, I think with the next couple of months,

674
00:40:22,880 --> 00:40:27,080
Speaker 4: especially with the holiday season approaching, where exactly people are

675
00:40:27,120 --> 00:40:30,799
Speaker 4: starting to tighten their belts will it be experiences? So far,

676
00:40:31,040 --> 00:40:33,799
Speaker 4: we're not seeing any indication that twenty twenty four is

677
00:40:33,840 --> 00:40:37,200
Speaker 4: going to be that much more materially slower when we're

678
00:40:37,200 --> 00:40:41,279
Speaker 4: thinking about consumer spending. But again, student loans are a

679
00:40:41,480 --> 00:40:43,799
Speaker 4: very big part of a lot of people's lives. It's

680
00:40:43,800 --> 00:40:46,560
Speaker 4: a big payment that we think about every month, and

681
00:40:46,680 --> 00:40:50,839
Speaker 4: so I would imagine that people would start scaling back

682
00:40:50,880 --> 00:40:53,799
Speaker 4: on their discretionary spending. But who knows. Like you said,

683
00:40:53,880 --> 00:40:56,839
Speaker 4: the younger generations still love their experiences and still want

684
00:40:56,840 --> 00:40:59,719
Speaker 4: to go to these concerts. So if that remains to

685
00:40:59,719 --> 00:41:00,120
Speaker 4: be seen.

686
00:41:00,360 --> 00:41:05,080
Speaker 1: Well, don't tell Olivia Rodrigo. The big twenty twenty four

687
00:41:05,160 --> 00:41:08,600
Speaker 1: concert attraction Bruce Springsteen's coming back.

688
00:41:08,880 --> 00:41:11,200
Speaker 4: Wait, have you heard of a thing called girl math

689
00:41:11,640 --> 00:41:15,040
Speaker 4: where if you purchase a concert ticket or a big

690
00:41:15,080 --> 00:41:18,960
Speaker 4: ticket item much earlier on before the show happens, then

691
00:41:19,040 --> 00:41:22,160
Speaker 4: it's not considered spending because you got it so long ago.

692
00:41:22,560 --> 00:41:25,400
Speaker 4: It's something going on on TikTok right now. That's so silly,

693
00:41:25,480 --> 00:41:28,520
Speaker 4: but I mean that fits into this scenario, right Like,

694
00:41:28,520 --> 00:41:30,480
Speaker 4: that's how a lot of people are justifying a lot

695
00:41:30,480 --> 00:41:31,840
Speaker 4: of their purchases and spending.

696
00:41:32,080 --> 00:41:37,840
Speaker 1: Oh my, well, it's going to be interesting to see

697
00:41:37,920 --> 00:41:41,359
Speaker 1: if the twenty twenty three year that has been such

698
00:41:41,360 --> 00:41:44,480
Speaker 1: a miracle for the concert business, how that translates to

699
00:41:44,560 --> 00:41:50,239
Speaker 1: twenty twenty four. But this has been a quite a

700
00:41:50,480 --> 00:41:54,360
Speaker 1: study that we've done, one of the real favorites that

701
00:41:55,640 --> 00:41:58,520
Speaker 1: we have done in the years that we have worked

702
00:41:58,520 --> 00:42:02,520
Speaker 1: together at VIP. And I know this is your last

703
00:42:02,560 --> 00:42:06,040
Speaker 1: one for VIP as you walk off into the sunset,

704
00:42:07,320 --> 00:42:10,719
Speaker 1: wishing you the best now that you are moving on

705
00:42:10,760 --> 00:42:13,160
Speaker 1: to greener pastures, if.

706
00:42:13,040 --> 00:42:14,799
Speaker 4: You can call it that.

707
00:42:15,440 --> 00:42:19,759
Speaker 1: But thank you for spending time with me on this one.

708
00:42:19,840 --> 00:42:23,640
Speaker 1: Appreciate it and we'll talk to you soon.

709
00:42:23,960 --> 00:42:24,600
Speaker 4: Thank you so much.

710
00:42:24,640 --> 00:42:24,920
Speaker 3: Andy.

711
00:42:24,960 --> 00:42:26,560
Speaker 4: It was a great one to work on and a

712
00:42:26,600 --> 00:42:29,120
Speaker 4: great one to end on. And I encourage all the

713
00:42:29,160 --> 00:42:32,200
Speaker 4: listeners to continue supporting VIP and all the hard work

714
00:42:32,200 --> 00:42:34,560
Speaker 4: that Andy and the team have been putting in for

715
00:42:34,600 --> 00:42:38,320
Speaker 4: the past three plus years. We're always rooting for VIP.

716
00:42:45,440 --> 00:42:47,840
Speaker 1: Thanks for listening. Be sure to leave us a review

717
00:42:47,880 --> 00:42:51,319
Speaker 1: at Apple Podcasts and Amazon Music. We love to hear

718
00:42:51,360 --> 00:42:54,399
Speaker 1: from listeners. Please go to Variety dot com to sign

719
00:42:54,520 --> 00:42:58,640
Speaker 1: up for the free weekly Strictly Business newsletter, and don't

720
00:42:58,680 --> 00:43:01,680
Speaker 1: forget to tune in next week for another episode of

721
00:43:01,840 --> 00:43:02,760
Speaker 1: Strictly Business.

722
00:43:14,440 --> 00:43:14,560
Speaker 2: HM