Goldman Sachs has identified live music as a resilient industry during economic downturns due to several factors. Despite concerns of a recession, the live music sector has historically shown stability. The firm's analysis over a 30-year period starting in 1990 revealed that the live music industry experienced an average growth rate of 7.3% during recessionary years, surpassing other entertainment sectors.

The data also indicated significant spending growth in live entertainment, with a 735% increase since 1990, outpacing gambling, sports, and theaters. Goldman Sachs referred to live music as "recession resilient," emphasizing its ability to withstand economic challenges.

The strategists at Goldman Sachs outlined five key reasons for the industry's resilience. Firstly, the live music market has evolved into a mainstream sector over the past three decades, expanding its appeal and support base. The global live music market is projected to reach $62.5 billion by Custom Market Insights.

Additionally, the presence of a substantial secondary market for ticket resales has provided a buffer for direct ticket-sellers against fluctuations in consumer spending. In 2019, secondary ticket brokers generated approximately $1.3 billion in profits from Live Nation shows. This secondary market serves as a cushion that can absorb declines in consumer spending, helping maintain the profitability of the live music industry during economic downturns.