Guns N' Roses N' Money: Concerts have become big money spinners

American hard rock band Guns N’ Roses will hold a concert at Mumbai’s iconic Mahalaxmi Racecourse on May 17, 2025, 12 years after their first tour of India. The concert is expected to be a much-awaited event just like many concerts by international artists in 2024 and likely to be even bigger.

Last year saw a boom in India's concert economy with big names such as Ed Sheeran, Coldplay, Dua Lipa Diljit Dosanjh and Maroon 5 drawing big crowds. The success of large-scale concerts highlighted India's untapped potential as a global entertainment destination. According to BookMyShow's year-end report, 30,687 live events took place in 319 cities, marking an 18% increase in consumption compared to the previous year. Zomato Live, the ticketing arm of the food delivery company, has noted that India is becoming a hotspot for international music tours due to its growing economy and enthusiastic fanbase.

After Coldplay's successful tour in India, Prime Minister Narendra Modi said that India has a massive scope for live concerts. "You must have seen fabulous pictures of Coldplay concert organised in Mumbai and Ahmedabad. It shows that India has a massive scope for live concerts. Big artists from around the world are attracted towards India... I expect the state and the private sector to focus on needed infrastructure and skills," he said.


India's emerging concert economy boosts tourism and hospitality business while also generating a large number of jobs.

Why are concerts in high demand?

As many as 1.3 crore people logged in to BookMyShow’s website and app to buy tickets for Coldplay's concerts in Mumbai while just 1.5 lakh tickets were up for sale. All the tickets sold out within just 30 minutes. A Rs 12,500 ticket was being sold for over Rs 3.36 lakh on resale platforms, with standing tickets, originally priced at Rs 6,450, being resold for up to Rs 50,000.

Why are Indians willing to shell out so much money for attending a live musical performance? While many attribute this phenomenon to the extreme FOMO (fear of missing out) sentiment in the age of social media when people like to flaunt, it is also an indicator of India's economic situation. The frenzy for concert tickets shows India's strengthening consumption story even as disposable incomes rise, the number of rich grows at a fast pace, the size of the middle class increases and a trend of premium consumption sweeps across sectors.

For past few years, companies in several sectors, from FMCG to auto to durables to housing, have been trying to lure the rich customers who have grown in number and are willing to splurge, especially after the pandemic which led to the rise of the YOLO (you only live once) sentiment. From snacks to watches to TVs to cars to houses to Coldplay tickets, the new consumer class is willing to pay the top rupee for premium items. Premiumisation is a trend that continues from the pandemic times when locked-in affluent people splurged on large TVs and washing machines and expensive food and liquor.

"India is the second largest audio streaming market for most global artists around the world, translating very effectively to heightened demand on-ground for music concerts," Anil Makhija, chief operating office for at BookMyShow, had told Reuters last year. "Tier 2 and 3 cities are now the thriving hubs for out-of-home entertainment."

How song & dance boost the economy

The record attendance at recent concerts points at how a concerts can have a multiplier effect on the economy. Concerts in India will increase spending, giving a push to private final consumption expenditure, according to a report by Bank of Baroda released last year in December. The direct and indirect spending on these concerts spanning around two-three months will provide a significant boost to the overall spending and consumption. Key sectors like hospitality, transportation, and retail businesses will record significant growth.

"Our conservative-to-optimistic estimates suggests a push to spending ranging from around Rs 1,600-2,000 crore in the span of last two-three months, from the announcement of these concerts. However small the number is, if looked at an annualized basis, it can provide the desired impact on private consumption demand. The backward and forward linkages of the events are also widespread from manufacturing (for improved logistics) and services sector to flourishing of gig economy," says the report.

Tax collections will also pick up due to GST on ticket sales, as well as hotels and restaurants, it added. Spending on concerts has surged, with the highest expenditure on tickets of Rs 771 crore, the report mentioned. "Next is sponsorship with an expenditure of Rs 250 crore, followed by transport (Rs 208 crore), hotel (Rs 197 crore), and food & beverage (Rs 143 crore)," it says further.