Luminate’s 2024 Midyear Music Report focused on high-impact trends across several different sectors of the Global industry. Along with topics ranging from overall consumption metrics to short-form video and changes in share of streaming based on an artist’s country of origin, the report illustrated the impact of live music events both in terms of the amount of money listeners are spending as well as the genres that receive the biggest bump in DMA-level consumption during the event week. One stat that jumped out to us at Luminate was a potential passing-of-the-torch from Millennials to Gen Z in terms of monthly live music spend.
During the second quarter of 2024, Gen Z led all generations in their monthly concert spend with an average of $38 per month. This figure is 23% higher than the average U.S. music listener’s spend of $31. Q2 is also the first time Gen Z has reported spending the most on live music events in general in the history of Luminate Insights’ quarterly U.S. Music 360 consumer research report. Up until Q2 2024, the title of highest-spenders on overall live music events sat with Millennials.
What’s driving this increase in spend? In particular, we see Gen Z handing over more dollars for festivals. Throughout Q2 2024, Gen Z reported spending an average of $23 per month on festivals, which is a full $10 higher than the average listener’s $13. The second quarter typically marks the kick-off to festival season, and with a new school year right around the corner it remains to be seen if this trend will continue or if the torch has indeed been passed.
To learn more about music’s most impactful trends through the first half of 2024, read our midyear report here.
