LONDON (Reuters) - Turnover from the global live music business rose by 10 percent in 2008 to $25 billion, continuing its strong growth at a time when traditional sales of recorded music are falling, a report said on Thursday.
According to The View, the online music and entertainment business resource, ticket sales were up 8 percent at $10.3 billion, while sponsorship, resold tickets, ticketing fees and drinks at venues also rose.
The live music business has been strong within the industry in recent years, while other areas such as physical CD music sales have fallen due to piracy and the changes introduced by the Internet, such as buying a few songs at a time and not the whole album.
According to the report by Phil Hardy, the leading tours of 2008 were Jon Bon Jovi, Bruce Springsteen and Madonna. Irish group U2 will start its world tour later this year with support from Live Nation Inc, the world’s largest concert promoter.
Reporting by Kate Holton; Editing by Greg Mahlich