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Small or independent music venues have always faced challenges in turning a profit. Now, with rising operating costs, some owners are struggling to maintain affordable ticket prices for audiences and take risks on lesser-known artists.
In the past year, music fans have flocked back to large stadiums to attend sold-out shows by icons like Beyoncé or Taylor Swift, even as consumer spending on leisure activities has decreased. However, many smaller, independent venues have yet to see a return to pre-pandemic levels of business, according to Stephen Parker, executive director of the National Independent Venue Association.
“If you are a larger venue, you’re probably doing quite well post-pandemic,” he said. “But if you were a smaller venue, you are seeing business, and you’re keeping your head above water, but you’re also seeing that many of the things that larger organizations have at their disposal, which is economies of scale, is becoming harder.”
NIVA was founded in…
2023-11-25 08:00:01
Original from www.cnbc.com
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