While we don't want to bang on about the demise of physical record sales (and the rise of legal downloads paling in comparison), it's very apparent that artists aren't making as much money from sales as they used to. So apparent, in fact, it's now official…
According to the Performing Rights Society (PRS), the value of the 'live music scene' has officially overtaken record sales for the first time in the UK.
"We have all the data on live music at the PRS because we license all the live performances that go around the country, so we're actually able to put a number on how much live music is worth," the PRS's chief economist Will Page told BBC 6 Music.
"Live has officially taken over recorded," Will Page, PRS
"We now have a situation where live has officially taken over recorded."
How much?
The 'number' in question was £904 million (including VAT and booking fees).
It's not all doom and gloom, however. As a general rule, recent rockstar rich-lists have been dominated by those working the biggest tours: The Police, Van Halen, Madonna etc. And while that may have a lot to do with over-inflated ticket prices in the US, it does kind of bode well for your average music punter. Bands have to tour, we get more to watch.
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"The 1700-capacity venue was only selling 300 tickets a night. This is not exactly great": Elton John’s musical closes on Broadway after just 5 days
“There is money being made and it’s just being funnelled somewhere. It needs someone to give back out to the people”: Michael Kiwanuka suggests fairer cuts for musicians from big promotions companies
