After taking a few years off, the irreverent and one-of-a-kind podcast Promoter 101 is back and dropping hot takes on the concert business like it’s 2018 all over again.
Understanding why music manager Luke Pierce and Live Nation promoter Dan Steinberg revived their podcast is nearly as complex as understanding why they stopped in the first place. When they shelved the show in 2020, shifting priorities and the increasingly complicated post-pandemic concert industry played a major role. But what surprised Steinberg most was that no one stepped in to capitalize on their absence.
“We thought that we’ve been talking for quite a while, and maybe there was another voice; maybe if we got out of the way and somebody else wanted to speak up and fill that void,” Steinberg says.
But no one did — and Steinberg and Pierce believe that’s partly because the concert business has only grown more complex in the wake of the pandemic, especially with the rise of dynamic pricing and nine-figure tour grosses. While they plan to keep the show’s popular interview format, they also intend to dive deeper into topics like ticket pricing and the reasons behind the sharp rise in concert costs in the post-pandemic era.
“I think it’s a mistake to say the promoters are outpricing the market,” Steinberg said. ” I think the managers are setting the prices. The artist may say they want more money, but I think that call is usually the manager, and it’s their job to direct that, and most artists leave that to the manager and the agent to figure out. I don’t know the promoters that want a more expensive ticket — more often, the promoter is trying to bring the ticket price down.”
Pierce added that there’s a “good swath of working artists that have priced themselves out of the middle class of live music.”
In the months immediately following the reopening of concert venues, fans were spending significant money on concerts and live experiences, making up for time lost during the pandemic. That period was followed by what Pierce calls a “burnout period” that’s happening “right now.”
“While fans return to some of their pre-pandemic behaviors, you know, artists continue to kind of tour at peak levels, and I think that will cause some problems with soft tours and unsold inventory,” he said. The result is a “top-heavy touring ecosystem, where the middle is kind of getting squeezed out a little bit, and I think it’s something artists and their teams really need to be cognizant of.”
The pricing problem will become more acute in the next 24 months based on what happens with the economy, Pierce adds, noting that “we just saw GDP figures come out, and the contraction of the U.S. economy is certainly not a great sign. Paying attention and making adjustments to your business is prudent right now.”
“Put more simply, the demand in the post-pandemic environment was enormous because we couldn’t do anything for a while, and we got free money from the government for a little bit, and nowhere to spend it,” Pierce says. “But that has to reset somewhere along a sensible trend. And I think it’ll be challenging for some people to figure out what that looks like.”
Steinberg notes that while the festival market will need to make some adjustments to navigate a tough economic climate, he remains optimistic about its long-term potential.
“Festivals are not done, it’s just a competitive space,” Steinberg says. “And they’re for younger people. And so there’s always going to be a cooler festival with a more cutting-edge lineup. But festivals can come back from a bad year. Coachella had some rough years, but they came back. Bonnaroo definitely had some tougher years, but they have come back. It’s very cyclical.”
One real challenge festivals face, Pierce notes, is “headliner fatigue, due to a lack of inventory of headliners.” Artists can make more money touring, especially artists playing arenas and stadiums, where they can deliver “the exact experience they want their fans to have, and that’s a better business decision for them, top to bottom.”
Steinberg and Pierce plan to release one new Promoter 101 episode each month and have launched a refreshed brand identity, complete with updated logos and artwork, to mark their return. Their comeback episode, No. 230, features interviews with Paladin Artists agents Steve Martin, Andy Somers and Chyna Chuan. The latest episode is available now at promoter101.net.
