Published 17:57 IST, January 29th 2025
What Is Concert Economy? PM Modi Posits India As Key Player In $60B Revenue Machinery - Where We Stand And The Way Forward
The concert economy refers to the growing financial ecosystem surrounding live music events including music festivals, live shows, etc.

Diljit Dosanjh and Coldplay have created a heavy buzz in India owing to their multi-city concerts. Citing the success of these high-profile shows, honourable Prime Minister Narendra Modi on Tuesday, Jan 28, heaped praises and highlighted the vast potential for the concert economy in India. However, not many know that the concert economy is a real thing and it is playing a major role in the economic growth of the nation these days.
What is Concert Economy?
The concert economy refers to the growing financial ecosystem surrounding live music events including music festivals, concerts, shows, etc. As physical and digital music sales decline, artists and industry professionals are relying more on live events, including concerts and festivals, to generate income. This trend contributes to growing revenue through ticket sales, the circulation of money, and the local market development driven by these events, which, in turn, bolster the country's economy.

According to Research and Markets, the live music market grew from US$34.84 billion in 2023 to US$37.58 billion in 2024, with expectations of continued growth at a CAGR of 8.22%, reaching US$60.59 billion by 2030.
India's growth in the concert economy market?
With year by year, India has been seeing major growth in concerts happening all over the country. Iconic music tours with global stars like Taylor Swift, Coldplay, Diljit Dosanjh, and Beyoncé breaking records. These artists have become economic powerhouses, benefiting not just themselves but also the countries they visit.
The year 2025 also has an extraordinary lineup of international performers, including Ed Sheeran, Shawn Mendes, Green Day, and Blackpink. India's concert boom has turned into a lucrative opportunity for ticketing platforms and related industries. Revenue from live events has multiplied by 9.5 times, with post-pandemic spending on experiences driving this surge.
A Bank of Baroda report estimates annual spending on concerts and live entertainment at ₹1,600-2,000 crore, with the potential to grow to ₹6,000-8,000 crore if further explored.

According to PWC, the live music market is expected to reach $245.2 million by 2028. In 2024, India hosted 30,687 live events across 319 cities, marking an 18% increase in live entertainment. This growth is not limited to metropolitan areas; tier-2 cities like Kanpur, Shillong, and Gandhinagar have seen a staggering 682% rise in live events. India's ticket revenue market is valued at ₹15,347 crore ($1.8 billion), encompassing cinema, music, and sports. Within this segment, the live music industry continues to grow.
With exponential growth in recent years, India’s live music industry revenue has registered a 20% year-on-year growth between 2017 and 2024. Currently, the music event segment alone is projected to be around ₹1,864 crore ($223 million).
Globalization of music festivals
The number of international tours increased by 35% over the past decade, according to (MMF, 2023). The global music festival market was valued at USD$3.4 billion in 2023 and is expected to grow at a CAGR of 7.4% through 2027, driven by major events like Coachella, Glastonbury, and Afro Nation (PwC, 2023).
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Updated 18:05 IST, January 29th 2025