An Investigation Into The Factors That Contribute To Global Concert Revenue Growth

Abstract

This paper compares two live music growth models: fixed domestic venues (MSG Entertainment) and global touring networks (Live Nation Entertainment). Using FY2021 to FY2025 financial data and Spotify streaming metrics, the study evaluates how physical capacity limits and geographic scale impact revenue growth. Findings show that while Madison Square Garden achieves high revenue per show, its long-term growth is capped by physical seat and calendar limits. In contrast, Live Nation's International segment grew at a 37.86% CAGR, outpacing U.S. Domestic operations (13.62% CAGR) by nearly three times. A regression of U.S. Domestic revenue at Madison Square Garden shows that cumulative streaming data from Spotify most accurately determines per-show revenue at a U.S. domestic venue such as Madison Square Garden. By analyzing artists such as Billy Joel, and Lady Gaga, this paper demonstrates how real-time streaming analytics de-risk international tour routing, making global networks the main engine of live music growth.

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