- Saturday, February 22, 2025
By: Vibhuti Pathak
The global concert economy is booming, with estimates predicting it will reach $31 billion by 2026. India, an emerging market in this sector, is witnessing significant growth due to major international performances. After Coldplay’s sold-out concerts in Mumbai and Ahmedabad, Eminem is now set to perform in Mumbai on June 3. This marks another milestone for India’s expanding live entertainment industry.
The concert economy refers to the financial ecosystem built around live music events, including revenue streams from ticket sales, hospitality, travel, merchandise, food, and event management. Countries like the US and UK have well-established concert economies contributing 1-2 per cent of their GDP. India’s industry is still in its infancy but is estimated to be worth $692.5 million-$923.4 million.
Prime Minister Narendra Modi has acknowledged the potential of this sector, emphasizing how India’s rich cultural heritage, combined with a large youth population, makes it an ideal hub for live performances. He urged both the private sector and state governments to develop infrastructure that supports concert-driven tourism.
Concerts generate significant economic activity beyond ticket sales. They drive demand for:
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The phenomenon of “Swiftonomics”—a term coined for Taylor Swift’s record-breaking world tour—highlights how concerts can significantly boost local economies. Her tour added nearly $1 billion to the UK economy and generated $4.6 billion in North America. Singapore made headlines for securing exclusive rights to her performances in Southeast Asia by offering financial incentives, causing outrage in neighboring countries.
Live concerts and outdoor events in the US contributed 1.6 per cent of its GDP ($448 billion) in 2023, while the UK’s event industry accounted for £28 billion. In contrast, India’s entertainment economy is still growing, with events like the 2023 Cricket World Cup estimated to have contributed only 0.1 percentage points to GDP.
However, data suggests that the rise in live concerts is driving inflation in recreational services. In December 2024, recreation service inflation reached a four-year high of 13.8 per cent, indicating increased spending on events beyond movies and sports.
Recent concerts in India have set new records:
With more global artists like Ed Sheeran, Cigarettes After Sex, and Shawn Mendes expected to perform in India in 2025, the industry’s growth trajectory remains strong.
According to a report by Mint, India’s live events sector is projected to reach $1.648 billion by 2026. An Ernst & Young analysis predicts that the number of large-scale concerts (over 5,000 attendees) will surpass 300 by 2025, a 50 per cent increase from 2018. Concert revenue is also expected to grow by 25 per cent, reaching $115.32 million.
With increasing international artist performances, India’s concert economy is set to thrive, benefiting multiple industries and reinforcing the country’s position as a growing hub for live entertainment.
