Business News

Mumbai: Concerts are staging a triumphant comeback in India after pandemic-induced challenges brought the industry to a standstill. Artists like Diljit Dosanjh and Karan Aujla are drawing large crowds, while Dua Lipa, Maroon 5, Ed Sheeran and Coldplay are fuelling a growing appetite for international acts. The scramble for tickets to Coldplay's upcoming India tour highlights the growing appetite for such events.This resurgence for live music events is driven by Gen Z and a burgeoning middle class eager for premium experiences. Once overshadowed by cricket, musical events are gaining momentum in the live entertainment landscape.However, challenges persist, particularly due to the lack of state-of-the-art infrastructure at large-scale venues, although social media's influence continues to transform the industry. Platforms like Instagram and YouTube are enabling artists to build a big following and connect with fans. Corporates are also tapping into the industry's potential. Zomato acquired Paytm Insider for ₹2,048 crore to expand its footprint in live entertainment. Swiggy is similarly exploring opportunities, intensifying competition with ticketing giants like BookMyShow. 116843532 "Music concerts post-Covid have been a rage, and this trend started especially after the Eras tour by Taylor Swift, which is believed to have grossed $2 billion in revenues," said NV Capital managing partner Nitin Menon. "The trend is picking up in India and can be seen in Diljit Dosanjh's tour... with all his shows being houseful. Coldplay in January is another example, which has become a rage, with some tickets in the grey market being sold for lakhs."The fact that Zomato bought out Paytm Insider shows the potential and even Swiggy is eager to get a slice of the pie, he said. "This trend of music festivals and concerts is a huge movement, and we would see a similar trend picking up in India," Menon said.