The Majority of Independent Music Venues Were Not Profitable in 2024, According to New Report

Nearly two thirds of independent venues in the United States were unable to turn a profit in 2024, according to the first-ever National Independent Venue Association (NIVA) comprehensive national economic impact study, The State of Live.  

Released on June 23 at the association’s annual conference, the report details how independent venues, festivals and promoters contributed $86.2 billion directly to the U.S. Gross Domestic Product (GDP) in 2024 alone and yet many (64% of venues surveyed) remained unprofitable due to inflation, anti-competitive practices and predatory resale. Just under a third (31%) of all independent stages’ expenses went directly to artist and booking fees. 

Independent stages alone generated $153.1 billion in economic output, according to the study, including indirect effects from fan spending, tourism and local businesses and annually pay $19.31 billion in combined federal, state and local tax revenues, equivalent to the entire annual budget for FEMA’s disaster relief efforts. 

“Independent venues are more than stages for entertainment; they are economic engines and cultural lifelines,” NIVA executive director Stephen Parker said in a statement. “This report underscores the urgent need for policy reforms and public investment to sustain these indispensable community anchors.”

The study also found that independent stages have a significant impact on tourism, accounting for approximately 9.2% of total U.S. travel and tourism revenue, translating into over $10.62 billion in annual visitor spending on lodging, dining, shopping and local transportation. 

In addition, independent stages supported 908,000 jobs and paid $51.7 billion in wages and benefits in 2024, according to the study conducted by economic research firm TEConomy Partners. 

“Thanks to NIVA, and the efforts and trust of those who responded with real data on their operations, we can tell our story,” State of Live Task Force chair and president and co-owner of The Happy Dog in Cleveland Sean Watterson said in a statement. “We can make our cases to the statehouses and city councils on why we matter, and how our elected representatives can help us continue to help our communities.” 

NIVA unveiled the information at annual conference — held this year in Milwaukee, Wis. — to underscore the urgent need for targeted policy action from local, state and federal policymakers. 

On night one of the conference (June 22), NIVA also announced its newly-elected board of directors. I.M.P.’s Audrey Fix Schaefer was named as NIVA’s board president.  

“When I look at my NIVA family, I see audaciously smart and courageous people from big towns and small, who fight for artists, their communities, their employees, and their fans,” said Schaefer in a statement.  “I’m still absorbing all they have achieved — from the $16 billion Save Our Stages bill to the effort to protect fans from predatory ticket scalpers. For us, music and comedy equal life. I’m remembering the words of NIVA’s co-founder and first president, Dayna Frank, who said in the throes of the pandemic, when nothing was certain, ‘First we survive, then we thrive.’ It’s an honor to support NIVA’s members, staff and the board in whatever challenges and opportunities come next. Together, we’re a force.” 

The announcement also welcomed Pabst Theater Group’s Gary Witt, SBG Productions’ Courtney McClary Yug, and Newport Festivals Foundation’s Kira Karbocus to the board. 

Read the full State of Live report here.