Spending on live music up this year

April 09, 2008 North American-based companies will spend an estimated $1.04 billion to sponsor music venues, festivals, tours and concerts this year, a 4% increase over 2007, according to a new study. "The 4% growth rate is down from the double-digit increases seen in previous years, due in large part to the slowing economy," said William Chipps, senior editor of IEG Sponsorship Report, which tracks sponsorship spending. An example of this strategy is Live Nation's estimated $100 million deal with Citi Cards, which includes tour sponsorships, ticketing, venues and one-off events like Billy Joel's summer concerts at Shea Stadium in New York.

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