Will Page cites a ‘go big or stay home’ economy for stadium show boom
Former Spotify chief economist Will Page has been ruminating in the Financial Times on how gig-goers are doing something that feels counter-intuitive: in a time of financial pressure, they are scrambling to attend expensive stadium shows – and artists like Harry “12 nights at Wembley” Styles are responding with long residency runs. And yet, at the same time, festivals, which offer better value for money, and smaller venues, which offer tickets at a fraction of the price, are struggling to sell tickets. So why is it happening?
Former Spotify chief economist Will Page has beenruminating in the Financial Timeson how gig-goers are doing something that feels counter-intuitive: in a time of financial pressure, they are scrambling to attend expensive stadium shows – and artists like Harry “12 nights at Wembley” Styles are responding with long residency runs. And yet, at the same time, festivals, which offer better value for money, and smaller venues, which offer tickets at a fraction of the price, are struggling to sell tickets. So why is it happening?First, Page runs the numbers: two people visiting a stadium show can easily pay £500 for the experience in 2026, he notes – which he ascribes to “money left on the table” by music streaming subscriptions taking up a smaller percentage of their outgoings. Secondly, there is a broader pattern of people de-risking their lives, and choosing big, safe stadium events over festivals – what he’s calling the ‘go big or stay home’ economy. Page’s prediction for stadium shows is that the boom is going to get boomier, but an interesting question remains over the disconnect between punters and smaller gigs, artists or multi-artist festivals. Have artists been empowered by streaming to skip the smaller venues to leap straight to bigger ones? And is there a role that music streaming can play to encourage participation in visiting smaller, grassroots events – traditionally the lifeblood of the live music industry’s future?