The importance of the live show

The Economist's new spinoff magazine, More Intelligent Life, has a lengthy article about the newfound reemergence of touring as a crucial part of a band's career. The article notes:

[In the 70s], touring was a loss leader. However much the gigs fizzed with anarchic energy, in economic terms they were little more than a long marketing slog to sell records. Now the tables have turned. Because of falling sales, rampant piracy, and digital distribution, recording revenues are dwindling. The price of an album has remained roughly level in the 20 years that CDs have been the main format, whereas ticket prices have soared.

The lengthy piece looks at everyone from The Clash and the Police to the Beatles and Bright Eyes.

Check out the rest of the article here.