The rise of music streaming in the early 2010s revitalised an industry that was grappling with illegal downloads and digital transition challenges. While platforms such as Spotify, Prime Music and Apple Music thrived, music artists made money through tours and merchandise sales. (Image: Reuters)
According to PwC's Global Entertainment and Media Outlook, global live music festival revenues surged in the past few years, exceeding $20 billion in 2022 and is expected to reach $25 billion by 2027. (Image: Reuters)
Notably, live performances by Taylor Swift, Beyoncé, and Bruce Springsteen accounted for 10% of the total live music revenues, according to Pollstar data. In 2023, the top eight festivals worldwide grossed $192 million. While Outside Lands Music & Arts Festival in San Francisco topped the list followed by the Hard Summer Music Festival in Los Angeles, Phish: Riviera Maya held in Cancun finished third. Here's a look at the top 8 highest-grossing music festivals in the world. (Image: Reuters)
No 1. Outside Lands Music & Arts Festival | The highest grossing music fest is Outside Lands Music & Arts Festival, which is one of the biggest independently-owned music festivals in the US. It has been held in San Francisco's Golden Gate Park since 2008. In 2023, it's gross revenue was $40 million, according to statista. (Image: Reuters)
No 2. Hard Summer Music Festival: The Hard Summer Music Festival takes place in Hollywood Park in Los Angeles and is mostly focused on electronic music. (Image: Hard Summer)
No 3. Phish: Riviera Maya | The Phish: Riviera Maya is dedicated solely to the jam band and was held in February 2023 in Cancun. In 2023, it's gross revenue was $22.1 million. (Image: Phish Riviera Maya)
No 4. Tecate Pa’l Norte | Tecate Pa’l Norte is a musical festival held annually in Mexico and in 2023, its gross revenue was $20.7 million.
No 5. Corona Capital Festival | Corona Capital is a music festival held in Mexico annually. It debuted in 2010 and is organised by Grupo CIE, and mainly features rock music (Image: Reuters).
No 6. Hurricane Festival | The Hurricane Festival has taken place in Scheeßel, Germany, since 1997. It's considered one of the largest music festivals in Germany. A total of over 80 bands performed in Scheeßel in 2022. (Image: Hurricane Festival
No 7. Lollapalooza Brasil | Lollapalooza Brasil is held in São Paulo, Brazil. The total number of tickets sold in 2023 was 227,283 with a gross income of $19.7 million. (Image: Reuters)
No 8. CMA Music Festival | The CMA Music Festival is a four-day music festival hosted in June every year in Nashville, Tennessee. In 2023, the music festival's gross revenue was $19.3 million.