Donald Trump’s tariffs have dominated the global discourse for weeks, wreaking havoc on the stock market and creating a “climate of uncertainty” for the international touring business.

The American president last week paused higher tariffs for 90 days (a baseline 10% tax will still apply), but the trade war with China has ramped up with Trump raising tariffs on the country to 145% and China responding with a 125% rate on US imports.

On Friday (11 April), the White House exempted smartphones, computers and some other tech devices from the “reciprocal” tariffs, although Trump has since warned the exemptions will be short-lived.

Peter Heath, MD of PLASA, the lead international membership body for suppliers of technologies and services to the event and entertainment industries, tells IQ the tariff issue was the talk of the town at last week’s Prolight + Sound trade show in Frankfurt, Germany.

“The general consensus is that everybody’s waiting to see what happens next,” reports Heath. “The way that Trump and the administration work, things are kind of fluid, so most of the people I spoke to were saying, ‘Actually, we can’t do anything at the moment.’

“The biggest challenge for many of them is that the supply chain for their products is global – they might get some component parts from the Far East, America and Europe, and then that product may be put together in China. Some organisations, clearly, have started to do models to see what impact that has on their business, and others are just waiting to see what the final version of it is.”

“Clearly, the tariffs are unwelcome… People are still having to wait before they can make firm decisions”

Heath, who has more than 30 years’ industry experience and was previously head of Europe for Japanese music technology giant Roland Corp, elaborates on what that modelling could entail.

“If I’m a manufacturer and 75% of my business is in Europe and the UK, and 25% is in the US, then I’ve only got a 10% tariff on 25% of my business, so how can I spread that load?” he explains. “Can I bury that 10% across the whole of my business, or do I have to put it on the American side? Can I take a little less margin? Can I save a point by using a different component?

“If they’re relying heavily on parts and construction in the Far East – specifically China – then do they need to bring that into Europe? I’m sure some larger companies are looking at those kinds of scenarios.

“Clearly, the tariffs are unwelcome. And not only that, but they aren’t confirmed yet so people are still having to wait before they can make firm decisions about how they run their businesses going into the future.”

Heath suggests that if America’s standoff with the United States persists, it could have further unintended consequences for the European market.

“If the tariffs remain ridiculous, then how China responds is a bigger concern than America in some ways – because the tariffs on Chinese goods coming into Europe are nowhere near the tariffs for Chinese products going into America,” he argues. “China might re-divert all its energies to Europe, in which case a lot of product could be arriving in Europe, flooding an already busy market.”

There is a growing understanding of the likely ramifications of the tariffs for the live industry

While there remains far more questions than answers regarding Trump’s ever-changing plans – leaving many still reluctant to stick their heads above the parapet – there is a growing understanding of the likely ramifications for the live industry.

Some experts have raised the prospect of additional rules limiting the entry of foreign acts into the US, increasing the cost of work permits or complicating the entry visa process. FKA Twigs recently dropped out of this year’s Coachella and the remainder of her April tour dates in North America, due to “ongoing visa issues.”

Dank Live director Esben Marcher, meanwhile, surmised that a global trade war would affect the amount of US bands touring Europe.

“Production costs, which have been on the rise since after Covid, will most likely grow, making it more expensive for all organisers and promoters to set up shows or festivals,” he added.

The prospect of economic depression, perhaps leading to lower disposable income for consumers and hurting ticket sales, is a chief concern.

“One of the greatest worries – which has broad economic implications – is that the trade war will lead to decreased overall consumer spending on entertainment, affecting ticket sales and attendance at live events,” said Canadian Live Music Association (CLMA) president and CEO Erin Benjamin.

“Common sense would dictate that if prices go up, this will result in less disposable income and this may have a detrimental impact on fans buying tickets,” agreed US-based Move Concerts boss Phil Rodriguez, with the caveat that “it really is way too early to be certain of anything”.

“What’s happening right now, might not be happening next week”

Chris May, GM of Vancouver’s BC Place stadium in Canada, spoke of the likelihood of increased costs for goods such as merchandise, as well as building materials, technology and F&B.

Shadows Fall frontman Brian Fair, who works for instrument manufacturer and distributor St Louis Music, expanded on the tariffs’ effect on the music instrument market in a recent blog.

“Our landing costs have sky rocketed and those costs are being turned into higher prices that will unfortunately be handed down to the consumers,” he posted on Threads. “Some of these brands used to be made in the US but that priced them entirely out of the market so production shifted to overseas many years ago.

“I work directly with Main St. brick and mortar music stores, some that are barely scraping by. These increases, no matter how small, will make it even more difficult for these stores to survive. I am by no means an expert on international trade but I am seeing the damage caused by these tariffs first hand and this is just the beginning. Hope there is still a market left once the dust clears.”

Elsewhere, ticketing specialist Tim Chambers laid out concerns for artists including “higher shipping/customs fees, increased visa and performance tax issues, restriction on cross-border collaborations”.

“Also, merchandise is typically mass produced in the Far East or South America and could also be impacted, and in the medium-term instrument costs could increase due to the global supply chain of components,” he added.

Then again, as has been the case since day one, the situation is subject to change. As John Rostron, CEO of the UK’s Association of Independent Festivals, puts it: “What’s happening right now, might not be happening next week.”

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Shares in live music companies rebounded on a historic day for Wall Street after American president Donald Trump paused higher tariffs for 90 days.

While a baseline 10% tax will still apply to all countries except China, along with a 25% rate for all aluminium, and steel imports, but higher rates of up to 50% for dozens of other countries – dubbed the “worst offenders” by Trump – have been put on hold.

Trump said he had reached the decision because more than 75 countries had not retaliated against the US and had called “to negotiate a solution to the subjects being discussed”.

In response, the European Union has delayed retaliatory tariffs on the US for 90 days. But the US’ trade war with China intensified as Trump raised tariffs on the country to 125% after China responded to the president’s initial 104% tariff with an 84% levy on American goods.

An already turbulent week for the market took another twist following Trump’s tariff pause, leading to historic gains on the stock market as the S&P 500 rocketed 9.52% – its best day since 2008 and third-best day since World War II. In addition, the Nasdaq jumped 12.2% – its biggest since 2001 – and the Dow Jones was up 7.9%.

However, US markets were down upon opening this morning as Nasdaq fell 2.8%, the S&P 500 2.1% and Dow Jones 1.6%.

The touring business has been holding its own on the stock market in comparison to many other industries

Across the touring business – which has been holding its own on the stock market in comparison to many other industries – Live Nation closed 11% up yesterday at $131.75, Sphere Entertainment soared 19% to $30.97 and MSG Entertainment climbed 11% to $31.99, while live music firm Venu Corp rose 6% to $8.87 and streaming platform Spotify was up 10% to $569.06.

K-pop companies HYBE and JYP Entertainment ascended 7% and 4% respectively, with SM Entertainment roughly flat. MENA streaming service Anghami, owner of Dubai-based event management company Spotlight Events, was up 3.5%.

German-headquartered live entertainment giant CTS Eventim was also up 4% today to €93.30 as European markets rallied.

IQ has been speaking to a number of touring figures around the world about the “climate of uncertainty” the tariffs have brought to the business, with a common concern being the prospect of higher ticket prices and a reduction in disposable income for consumers. There were also fears of a decline in international touring.

“Whilst there is a belief that live entertainment is essentially recession-proof, that’s only so long as consumers continue to prioritise going to events within an increasingly challenging macro-economic environment,” ticketing expert Tim Chambers tells IQ.

“Our landing costs have sky rocketed and those costs are being turned into higher prices”

Danny Pelchat, of Quebec, Canada-based tour producer and promoter EMM Williams Productions, reports it has been business as usual up to this point.

“At this point in time we are in full creation mode and do not have immediate incidence from our southern neighbours,” he says. “Our next production will hit the road next summer, so we don’t have concerns now. Our contacts, worldwide, seem to operate as usual.”

Meanwhile, Brian Fair, who works for instrument manufacturer and distributor St Louis Music and is frontman of US metalcore band Shadows Fall, posted a lengthy blog on his Threads account about the tariffs’ effect on the music instrument market.

“Our landing costs have sky rocketed and those costs are being turned into higher prices that will unfortunately be handed down to the consumers,” he says. “We have tried to avoid increases where ever possible but a lot of it is unavoidable. Some of these brands used to be made in the US but that priced them entirely out of the market so production shifted to overseas many years ago.”

Fair said that “brick and mortar” music stores were already “barely scraping by”, adding: “These increases, no matter how small, will make it even more difficult for these stores to survive.”

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Live music stocks are riding the waves of the worldwide market as the fallout from Donald Trump’s sweeping tariffs continues. And in comparison to many other industries, the business is holding its own.

The week’s first few moments of trading saw the S&P 500 fall 3.4%, the Dow Jones drop 3.1% and the Nasdaq dip 4.1%, only for all three indexes to later rally more than 5% in minutes – apparently sparked by now debunked rumours that the US president was considering a 90-day pause on the tariffs.

Live Nation’s share price was reflective of the swings, fluctuating between $113.81 and $123.48, but was down less than 1% at press time. The company’s stock has dropped around 8% in the last five days, outperforming the market’s near 10%.

Shares in streaming service Spotify were up 3% to $517.26 (-6%), and Madison Square Garden Entertainment was fairly flat at $29.54 (down close to 10% in the last five days). Sphere Entertainment was down 1% to $26.35 (-20% in five days), amid concerns over spending levels in Las Vegas – casino and resorts company Las Vegas Sands also slipped almost 5% today and nearly 18% over five days.

Frankfurt Stock Exchange-listed CTS Eventim stock slipped 1% to €88.90 (-5%), but outperformed the MDAX stock index, which fell 3% and 11%, respectively.

Elsewhere in Europe, the FTSE 100 index decreased 4.4% for the day and France’s Cac 40 tumbled 4.7%.

In addition, MENA streaming service Anghami, which owns Dubai-based event management company Spotlight Events, slipped 6% (-20%).

By comparison to US and European stocks, shares in K-pop companies have proved more resilient. SM Entertainment has climbed more than 2% in the last five days but is down 5% today in line with the Korean stock market. Similarly, Korea’s JYP Entertainment was marginally up in the past five days but down close to 6% today, while HYBE declined almost 6% today and 2% in the last five days.

The turbulence follows American president Donald Trump’s 2 April announcement of a “baseline” 10% tariff on all imports into the US, which have prompted fears of a global trade war. The EU faces a 20% tariff, with higher rates of up to 50% to be imposed on dozens of other countries. The president has also threatened China with an extra 50% levy if it does not drop its 34% retaliatory tariffs.

IQ spoke to a number of touring figures last week about the likely impact of the tariffs for the business, with a common concern being the prospect of higher ticket prices and a reduction in disposable income for consumers. There were also fears of a decline in international touring.

And despite the received wisdom suggesting that live entertainment is recession-proof, economist Chris Carey of Media Insight Consulting believes that is no longer the case.

“The old assumption that live music market at large will see any sort of a boost from an economic downturn is likely to be obsolete in 2025”

“Historically, live music has proven itself recession-proof, demonstrated in Will Page’s 2008 paper Recession and Royalties,” he tells IQ. “In those times it played the role of an affordable luxury and a suitable substitute for larger spend, like a holiday. However, the likelihood is that times have changed.

“When you consider the pricing at the top end of the live music market now it means that the biggest live music tickets have actually moved into that luxury category, so won’t feel the boost of displaced spend. And it’s not just the ticket cost, but the cost of the whole event that exaggerates the impact. Leaving the house to enjoy live music – travel, drinks, dinner and tickets, maybe a babysitter – is so much more expensive than streaming from the sofa.”

He continues: “Importantly, that isn’t to say that demand for these exceptional moments won’t be met – unmissable talent remains rare, oversubscribed and unmissable – but the old assumption that live music market at large will see any sort of a boost from an economic downturn is likely to be obsolete in 2025.”

Ticketing expert Tim Chambers agrees there are no guarantees and discusses the knock-on effects for the business.

“From an event production perspective, if retaliatory tariffs are introduced, then artists could expect higher shipping/customs fees, increased visa and performance tax issues, restriction on cross-border collaborations,” he contends.

“Also, merchandise is typically mass produced in the Far East or South America and could also be impacted, and in the medium-term instrument costs could increase due to the global supply chain of components.”

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The live music world is coming to terms with US president Donald Trump’s sweeping tariffs, amid fears of an impending global trade war.

Stocks took a hit and the dollar plunged to a six-month low in the wake of the American commander-in-chief’s announcement of a “baseline” 10% tax on all imports into the US, to be applied on every country from this Saturday (5 April).

The European Union faces a 20% tariff, while higher rates of up to 50% will be imposed on dozens of other countries dubbed the “worst offenders” by the president. Trump declared yesterday (2 April) as “Liberation Day” when confirming his plans – which he insists will make America rich again – during a 50-minute speech at the White House.

Meanwhile, with Trump having raised levies on Chinese imports to 20% last month, China’s new 34% rate means it will now face a combined total tariff of 54%.

Although the full implications for the international touring business remain to be seen, there are expectations the tariffs will impact equipment manufacturers and production equipment in particular, with  increased costs for goods such as building materials, as well as technology, F&B and merchandise.

“This ‘tariff war’ just started – let’s see where it goes and how long it lasts”

Agent Jarred Arfa, EVP, head of global music, for Los Angeles-headquartered Independent Artist Group (IAG) admits to concerns.

“I do worry that tariffs here in America will lead to further inflation on basic goods and services, leaving less discretionary income for entertainment like concerts,” he tells IQ. “There is just a lot of uncertainty in the economy now, which will have a negative impact on consumer sentiment. Hopefully, this is all short lived.”

Phil Rodriguez, boss of Miami, Florida-headquartered Latin music promoter Move Concerts, argues it is too early to gauge the impact on touring.

“Common sense would dictate that if prices go up, this will result in less disposable income and this may have a detrimental impact on fans buying tickets,” he surmises. “But it really is way too early to be certain of anything. This ‘tariff war’ just started – let’s see where it goes and how long it lasts.”

President of Toronto-based BAM! Baird Artists Management Consulting Robert Baird observes that Trump’s tariffs “have sent the world economy reeling”.

“That cannot be good for the arts,” says Baird, a former president of North American Performing Arts Managers and Agents (NAPAMA). “A depressed economy will mean less disposable income and that will hurt the box office. Global tariffs will result in higher prices and higher prices will mean that global touring will be more expensive. And the profit margins for most artists are slim already, so decreased touring is imminent.

“Add all of this to the political climate in America and we see a narrowing of the possibilities for touring to North America for foreign artists.”

“I fear that a global trade war will affect the amount of US bands that tour Europe”

Offering a European view, Esben Marcher, director of Danish live music trade body Dansk Live, points to several potential results of the tariffs.

“Production costs, which have been on the rise since after Covid, will most likely grow, making it more expensive for all organisers and promoters to set up shows or festivals,” he contends. “The way US bands tour will probably be affected in some way, too. To my knowledge the Trump administration is aiming for tariffs on goods, not services, but I fear that a global trade war will affect the amount of US bands that tour Europe.”

Marcher adds, however, that his greatest concern is how the tariffs will affect the overall economy and the purchasing power of the audiences.

“In a situation with rising tickets prices as a result of higher production cost and high inflation, I fear that the positive development we have experienced in the last couple of years will come to a end,” he contends.

Last month, the Paris-based Organisation for Economic Co-operation and Development (OECD) projected the tariffs would lead to global growth slowing to 3.1% in 2025 and 3% in 2026, while revising its inflation forecast upwards by 0.3 percentage points to 3.8%, compared to its Economic Outlook in December.

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US president Donald Trump yesterday signed an executive order, flanked by long-time supporter Kid Rock, which claims to bring “common sense” changes to live event ticketing.

With the secondary ticketing market coming under regulatory pressure in numerous countries, President Trump became the latest political leader to identify the issue as one which cuts through to consumers, claiming that fees had “gotten worse and worse with time”.

The executive order, while welcomed by some in the live music industry, committed to little new action, requiring various branches of the US government to “take enforcement action to prevent unfair, deceptive, and anti-competitive conduct in the secondary ticketing market”.

While Kid Rock claimed the order was a great “first step” and said he would like to see a cap on resale prices, there was no indication that the White House was considering such a move.

“Anyone who’s bought a concert ticket in the last decade, maybe 20 years — no matter what your politics are — knows that it’s a conundrum,” said Kid Rock.

“You can buy a ticket for $100. By the time you check out, it’s $170. You don’t know what you’ve been charged for. But, more importantly, the bots, they come in, they get all the good tickets to your favourite shows you want to go to, and then they’re relisted immediately for 400-500% markup.”

“Scalpers and bots prevent fans from getting tickets at the prices artists set, which is why we support any meaningful resale reform”

In a statement released with the executive order, the US government said the live business “has become blighted by unscrupulous middle-men who impose egregious fees on fans with no benefit to artists”.

Writing on X, Live Nation President and CEO Michael Rapino said: “Big thank you to President Trump and Kid Rock for taking ticket scalping head-on, which protects American consumers and artists.

“Scalpers and bots prevent fans from getting tickets at the prices artists set, which is why we support any meaningful resale reforms — including more enforcement of the BOTS act, caps on resale prices, and more.

The move comes in the same week that the UK consultation on the secondary market closes, with the Labour government widely expected to follow it with legislative proposals to restrict the activities of the sector.

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Live music executives in Canada have warned the touring industry faces a “climate of uncertainty” due to Donald Trump’s trade tariffs.

The US president imposed sweeping tariff hikes on Canada and Mexico last week, although some have been paused until 2 April. He also raised levies on Chinese imports to 20%.

Trump, who has called for Canada to become America’s 51st state, previously said he was taking action “to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country”.

A 25% tax on steel and aluminium products from all countries was imposed last week, with Canada and the EU both announcing retaliatory tariffs in the developing trade war.

Speaking to reporters aboard Air Force One, Trump said 2 April would be a “liberating day” for the US, with a new wave of levies to be introduced.

“It’s going to be reciprocal — in other words, whatever they’re charging, we’re charging,” he said. “Then in addition to that, on autos, on steel, on aluminium, we’re going to have some additional tariffs.”

“The current tariff war will create a climate of uncertainty for venues in the United States who hire artists”

Amid the ever-changing situation, Robert Baird, president of Toronto-based BAM! Baird Artists Management Consulting, advises on the likely consequences for live music.

“The current tariff war will create a climate of uncertainty for venues in the United States who hire artists: their funding may be in jeopardy and their clientele may be diminished simply because people will have less discretionary income,” he tells IQ. “A depressed economy due to the tariff will not allow for the flourishing of live performing arts.”

A former president of North American Performing Arts Managers and Agents (NAPAMA), Baird also points to potential additional hurdles for international touring acts.

“I am concerned that there may be additional rules coming which would limit the entry of foreign artists into the United States, whether by increasing the costs of work permits or putting increasing impediments on the entry visa process,” he adds.

“We could see increased costs for goods and materials such as building materials, technology, food and beverage, and merchandise”

Chris May, general manager of Vancouver’s BC Place stadium, which has hosted acts such as Coldplay, Ed Sheeran and U2, as well as the finale of Taylor Swift’s Eras Tour, breaks down some of the more granular implications.

“The potential impacts of tariffs on the live events industry will depend on each venue or company’s specific operations,” he says. “However, as with many industries, we could see increased costs for goods and materials such as building materials, technology, food and beverage, and merchandise.

“Fortunately, BC Place has always prioritised working with Canadian suppliers whenever possible, which puts us in a strong position to mitigate the effects of tariffs and limit any associated cost increases.”

May offers his thoughts on how the situation could play out from here – both for better and for worse.

“BC Place is thankful to have strong relationships with many Canadian partners and suppliers, and we remain committed to supporting the local economy,” he notes. “However, the worst-case scenario would involve a decline in tourism to British Columbia, which could result in fewer visitors for events, especially those travelling from the US. Depending on the event, many of our attendees come from south of the border, contributing not only to our ticket sales but also to the local economy.

“While it’s difficult to predict how things will unfold, we remain optimistic and committed to maintaining BC Place as an open, inclusive space. We look forward to continuing to welcome our friends from the US and showcasing the beauty of our province.”

“The past few years have shown us how resilient and adaptable our industry can be in the face of global uncertainty”

BC Place is gearing up to welcome AC/DC next month in advance of a multi-night run by Canadian homegrown hero The Weeknd this July, and May is determined not the let the outside issues distract from the venue’s core focus.

“Our goal of providing exceptional experiences for our guests and continuing to host world-class events remains the same,” he tells IQ. “While tariffs may present some challenges, our team is proactively working on solutions to ensure we continue delivering value for both our fans and partners.

“The past few years have shown us how resilient and adaptable our industry can be in the face of global uncertainty, and we have come out the other side stronger. BC Place’s commitment to overcoming challenges and evolving with the changing landscape has always been key to our success, and we’re confident that we’ll continue to thrive despite any external challenges.”

The Paris-based Organisation for Economic Co-operation and Development (OECD) today (17 March) published its latest Interim Economic Outlook. It projects the tariffs will lead to global growth slowing to 3.1% in 2025 and 3% in 2026, while revising its inflation forecast upwards by 0.3 percentage points to 3.8%, compared to its Economic Outlook in December.

Due to being hardest hit by the tariffs, the impact on Canada and Mexico is expected to be the most substantial, with the OECD now predicting Canada’s economy to expand by 0.7% this year and next, down from the previous forecast of 2% for both years.

Meanwhile, Mexico is projected to contract by 1.3% this year and a further 0.6% in 2026, having previously been expected to grow by 1.2% and 1.6%, respectively.

The US’ forecast has also been downgraded to 2.2% for 2025 and 1.6% for 2026, compared to 2.4% and 2.1% in the last outlook.

“The global economy has shown some real resilience, with growth remaining steady and inflation moving downwards. However, some signs of weakness have emerged, driven by heightened policy uncertainty,” says OECD secretary-general Mathias Cormann. “Increasing trade restrictions will contribute to higher costs both for production and consumption. It remains essential to ensure a well-functioning, rules-based international trading system and to keep markets open.”

“Today’s political reality creates an opportunity for our industry to help lead through these turbulent times”

Canadian Live Music Association (CLMA) president and CEO Erin Benjamin says the trade war is quickly raising significant concerns within Canada’s live music industry.

“Tariffs are expected to have multiple direct and indirect impacts on live music businesses and organisations, including increased operational costs,” she says.

“Today, one of the greatest worries – which has broad economic implications – is that the trade war will lead to decreased overall consumer spending on entertainment, affecting ticket sales and attendance at live events.”

However, Benjamin is keen to accentuate the positives amid the ongoing uncertainty.

“These three things are as true today as they ever have been – Canada’s live music industry is a cultural and economic powerhouse, our incredible home-grown artists embody the essence of Canadian identity, and, concerts have always meant positive impact for tourism, job creation, artist development, and economic growth,” she says.

Benjamin references the CLMA’s public awareness campaign, #CanadaIsLiveMusic, which was recently launched “to better highlight the potential for growth our sector represents”.

“Today’s political reality creates an opportunity for our industry to help lead through these turbulent times,” she continues. “With new, compelling economic data in hand, #CanadaIsLiveMusic sends a strong signal that our industry is more than ready to be an even stronger catalyst for, and champion of, a resilient Canadian economy.”

In closing, Benjamin extends a warm welcome to Canada’s new prime minister and Liberal Party leader Mark Carney, who succeeded Justin Trudeau as PM earlier this month.

“The CLMA welcomes Mr Mark Carney as the new leader of the Liberal Party, and looks forward to working with all political parties to harness the true power of live music, creating a legacy of cultural vibrancy, increasing jobs, economic resilience, and community connection for generations to come,” she finishes.

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The Canadian Live Music Association (CLMA) says it is monitoring the conversation around Donald Trump’s tariff threat “very closely” amid the potential implications for Canada’s touring business.

The US president has agreed to pause his proposed 25% on imports from Canada and Mexico for 30 days after reaching temporary deals with Canadian PM Justin Trudeau and Mexican president Claudia Sheinbaum.

Trump previously said he was taking action “to hold Mexico, Canada, and China accountable to their promises of halting illegal immigration and stopping poisonous fentanyl and other drugs from flowing into our country”. He has imposed a 10% tariff on Chinese imports.

“We are obviously monitoring the tariff conversation very closely,” CLMA president and CEO Erin Benjamin tells IQ. “Whether directly or indirectly, should tariffs come into place, the live music and entertainment sectors will be impacted. We are quickly aligning with the broader tourism industry, and working in close collaboration with others to plan, monitor, and respond/react, as necessary.”

Meanwhile, Ottawa-based CLMA this week released the findings of its economic impact study Here and Now: understanding the economic power and potential of Canada’s live music industry.

The benchmark report found that the country’s live music industry supports more than 100,000 jobs and attracts hundreds of thousands of tourists year over year.

“The numbers in it have been achieved largely in the absence of any dedicated fiscal policy frameworks aimed at incentivising growth”

In 2023, festivals and concerts in Canada together brought in 19.69 million visitors, with live music operations contributing €2 billion (€1.3bn) to GDP. Furthermore, it says the combined impact of live music company operations and tourism spending amounted to an economic contribution of $10.92bn (€7.34bn).

“The incredible small, medium, and large venues, clubs, concert halls, festivals, arenas, and other live music spaces that connect artists with their fans form a vast, complex, indoor and outdoor ecosystem,” says Benjamin. “This is the system that facilitates live music–and its massive supply chain across Canada, be it a national arena tour, or a one-off local show in a 120-cap independent venue and everything in-between.

“Understanding and harnessing this system creates a significant and scalable competitive advantage for Canadians and for all levels of government and is essential for our artists so that they can continue to share the music we love and need. And why wouldn’t we? This study is a benchmark, the numbers in it have been achieved largely in the absence of any dedicated fiscal policy frameworks aimed at incentivising growth. $10.92bn in combined impact from live music and tourism spending – without trying.”

5X Festival co-founder and CLMA board chair Tarun Nayar says the report’s findings “make it clear that protecting and growing Canada’s live music infrastructure directly results in more jobs, major economic impact for cities and towns, and more performance opportunities for Canadian artists”.

“It means more fans choosing Canada when deciding where to spend their (billions of, as it turns out) music tourism dollars,” adds Nayar. “It means sold out hotels, fully booked flights, bustling shops, and restaurants. It means togetherness and social cohesion. It means better mental health. It means thriving downtowns. It means attracting and retaining other industries and talent to our cities. It means more revenue for artists and musicians. It means more music and memories with family and friends that change our lives.”

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Live Nation has said it is “hopeful” the imminent administration change in the US will have a positive impact on its antitrust battle with the Department of Justice (DOJ).

The DOJ has accused the promoter and Ticketmaster, who merged in 2010, of using their “power and influence” to “insert themselves at the centre and the edges of virtually every aspect of the live music ecosystem” in the suit, filed in New York in May.

The defendants vigorously contest the claims, with the case set to go to trial in 2026.

Speaking during Live Nation’s Q3 2024 earnings call yesterday (11 November), the company’s president and CFO Joe Berchtold responded to a shareholder query regarding American president-elect Donald Trump‘s approach to “antitrust and the associated remedies”.

“It’s still very early in the transition process, so we’re hesitant to say too much, but absolutely, we are hopeful that we’ll see a return to the more traditional antitrust approach where the agencies have generally tried to find ways to solve problems they see with targeted remedies that minimise government intervention in the marketplace,” said Berchtold. “And without getting into the specifics, at least some parts of the case, we think believe reflect a much more interventionist philosophy today than you’d expect of a Republican administration.

“Obviously, the request to break up Live Nation and Ticketmaster would be an example of that highly interventionist approach. So, we’ll obviously be ready to engage as soon as they are. They need to get through the appointments and get things settled on their end, but we’d certainly be hopeful that we could start engaging with them early in next year.”

“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating”

Berchtold’s comments marked the firm’s first public statement on the matter since Trump’s stunning re-election last week.

Live Nation’s share price has continued to soar in the wake of its Q3 financial results, reaching a new all-time high of $130.76 in after hours trading. It stood at $129.40 at press time, giving the firm a $29.6 billion market cap.

The company posted a record adjusted operating income (AOI) for the period, up 4% from $871.2m to $909.8m, despite revenue being down 6% for the quarter, year-on-year, from $8.1bn to $7.7bn, with takings from its concerts and ticketing segments dipping 6% and 17% respectively. Sponsorship and advertising was up 6%.

“We wrapped up our most active summer concert season ever, our show pipeline has never been bigger, and brand sponsorships are accelerating,” said president and CEO Michael Rapino. “While operating income will be impacted by one-time accruals, we are pacing toward double-digit AOI growth this year.

“As we look toward an even bigger 2025, we have a larger lineup of stadium, arena and amphitheatre shows for fans to enjoy. Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.”

Live Nation attracted 112m fans globally to its events, as double-digit boost in arena and amphitheatre attendance more than offest a 30%+ decline in stadium attendance.

Growth was projected for 2025, with the concerts pipeline in stadiums, arenas, and amphitheatres up double-digits compared to the same point last year. More than 20 million tickets have already been sold for Live Nation concerts  next year, also pacing up double-digits, with recent 2025 stadium onsales including Coldplay, Rüfüs Du Sol and Shakira delivering double-digit average growth in show grosses relative to past tours.

Sponsorship has continually been our star for the last decade or so

“Next week alone we have over 200 stadium and arena shows going on sale,” said Berchtold. “We’re in a period of unprecedented level of activity for Ticketmaster in Q4, and then that will continue into Q1 and through next year.”

Moreover, Rapino hailed LN’s sponsorship arm, which is also on track for a double-digit increase, as “our star for the last decade or so”.

“We look at this business still very, very strong, very different than maybe some of the advertising challenges other companies have,” he said. “We see overall companies spending more money on-site experiential and moving dollars into that segment and anytime that happens, that’s good for our business. We tend to rise with that.

“We look at ’25 and onward as continual AOI growth that we’ve been able to deliver in the past in sponsorship. One of the foundational drivers of that is our globalisation. And every time we do more shows around the world, we provide ourselves more opportunity and more sponsors. As our global pipe continues to grow, so will our sponsorship and we’ll see continued growth.”

Rapino also discussed the company’s strategy with regards to superfans, suggesting the premium/VIP “pie” was “still under-serviced” and represented an opportunity for substantial growth.

“We’ve been selling to the superfan for quite a while,” he said. “We’ve used percentages in the past: 2%, 4%, 6% of the show is premium. We think it can grow up to 20% and more. So, a lot of the refurbishments we’re doing at venues is about taking regular seats and turning them into better experiences for premium experiences at night.

“Premium experiences is a big underpin to our entire growth forward because it’s using the same customer base, but we always sell out of the boxes, sell out of the premium inventory first, we never have a problem selling that… When we’re building [venues], we’re starting with this mandate that they must have a certain higher percentage of premium seats and lounges and experiences, so those venues start with a much better return.”

Furthermore, Rapino expanded on his recent comments that he would “love” to see regulation of the secondary ticketing market in the form of a 20% price cap. He noted that legislation around resale practices “we’d like to clean up” such as bots and spec-selling “hasn’t really come to life yet”.

“We hope, over time, better regulations get put in place to help the consumer,” he added.

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Donald Trump’s stunning re-election has sent stocks soaring on Wall Street, while leaving more questions than answers for the touring business.

The Republican candidate, who will become only the second US president after Grover Cleveland to serve non-consecutive terms in the White House, hailed a “magnificent victory for the American people” after defeating Democrat nominee Kamala Harris in what had been predicted to be one of closest races in history.

VP Harris had received the endorsement of a parade of A-list artists including Beyoncé, Taylor Swift, Lady Gaga, Cardi B, Ariana Grande, Olivia Rodrigo, John Bon Jovi, Jennifer Lopez, Billie Eilish and Bruce Springsteen, but lost the crucial swing states that decided the election’s fate.

Live Nation’s share price rocketed more than 8% to an all-time high of $127.64 (€119) in the wake of Trump’s triumph, giving the company a market cap of $29 billion.

The vote will inevitably put the US Department of Justice (DOJ) antitrust lawsuit against the company back in the spotlight. After the case, which is set to go to trial in 2026, was filed in May, Live Nation’s EVP, regulatory affairs Dan Wall was asked about the likely implications a Trump victory would have for the suit.

“That’s a tough one, for sure,” he said. “If we just kind of go back in time and you asked me whether I think that the first Trump administration would have brought this case, I would tell you that I don’t think that any prior administration – Republican or Democrat – would have brought this case. But the circumstances, looking to the future, it would depend a lot on who was appointed to these positions, and that just makes it kind of vulnerable.”

“I think the unpredictability of Trump makes it very hard to assume anything with certainty”

Ticketing reform will be another subject on the agenda as the US House of Representatives – control of which was still up in the air at press time – voted to pass the TICKET Act earlier this year. If enacted, it will enforce all-in pricing, ban speculative ticketing, ban deceptive websites and deceptive website marketing, provide fans with a full refund to cancelled events and require a report from the Federal Trade Commission on BOTS Act Enforcement.

Outgoing president Joe Biden also declared plans to further clamp down on “junk fees” on tickets for events such as concerts.

On the live circuit, international artists are already battling large increases in US visa petition fees, with many acts claiming that touring the US is “no longer viable”. There are also further potential knock-on effects of Trump’s proposed import tariffs for international production, technology and services companies.

Immediate reaction to the result from the music industry to Trump’s victory in the US and UK was in short supply. But as Independent Artist Group EVP, head of global music, Jarred Arfa tells IQ, it is a case of wait and see.

“I think the unpredictability of Trump makes it very hard to assume anything with certainty, though I think it’s safe to assume we will have a DOJ which is friendlier to big corporations and mergers,” he says. “I think the live business will continue to thrive regardless of the election results.”

Phil Rodriguez, boss of Miami-headquartered promoter Move Concerts, adds: “The only possible impact I see is if economy improves and fans have more disposable income, this may result in an increase in concert attendance.

“Other factors may come into play: lower cost of fuel, for example, which impacts many of the costs of touring. We’ll find out soon enough!”

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Jack Black has cancelled the remainder of Tenacious D’s world tour following a controversial onstage joke by bandmate Kyle Gass relating to the attempted assassination of Donald Trump.

Presenting Gass with a cake to mark his 64th birthday during the comedy duo’s performance at the ICC Sydney Theatre, Australia, on Sunday (14 July), Black told him to “make a wish”, in footage shared online, to which Gass replied: “Don’t miss Trump next time.”

The remark, which came hours after Trump was shot in the ear at a rally in Pennsylvania, US, was mostly met with laughter in the venue, but has since sparked an outcry, with Australian senator Ralph Babet calling for the band to be deported.

“I was blindsided by what was said at the show on Sunday,” says Black on Instagram. “I would never condone hate speech or encourage political violence in any form.

“After much reflection, I no longer feel it is appropriate to continue the Tenacious D tour, and all future creative plans are on hold. I am grateful to the fans for their support and understanding.”

“What happened was a tragedy and I’m incredibly sorry for my severe lack of judgement”

A concert scheduled for Newcastle Entertainment Centre today (16 July), promoted by Frontier Touring, had already been called off shortly before doors were due to open.

Other postponed Spicy Meatball Tour shows in Australia and New Zealand include sold out July dates in Brisbane, Melbourne, Adelaide, Wellington and Auckland. The pair were also due to short run of US gigs in October.

Prior to Black’s statement, Gass issued a statement on social media, apologising for his actions.

“The line I improvised onstage Sunday night in Sydney was highly inappropriate, dangerous and a terrible mistake,” he said. “I don’t condone violence of any kind, in any form, against anyone. What happened was a tragedy and I’m incredibly sorry for my severe lack of judgement. I profoundly apologise to those I’ve let down and truly regret any pain I’ve caused.”

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