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Music Companies Are Asking Superfans to Spend More — But Can They Afford To?
Record labels wants superfans to spend more, but consumer debt is up and many young people are planning to reduce their spending in 2024.
Concert promoter Live Nation wants premium offerings such as VIP boxes to increase to 30% to 35% of its amphitheater business from the current 9%, president/CEO Michael Rapino told investors during the company’s Feb. 22 earnings call. Coming out of the pandemic, people — especially younger consumers — spent money “as a way to make up for lost time” and, later, to cope with stress, Intuit Credit Karma, a financial management platform, explained. Ample data suggest that consumers are increasingly stressed from high prices — U.S. inflation rose to 3.5% in March from 3.2% in February — and the ending of pandemic-era forbearances that allowed people to put off payments on their mortgages and student loans.
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