By Siddhi Nawar
Mumbai and Ahmedabad are geared up to witness and host the British band Coldplay this weekend.
With the clock ticking and only a few hours left for the ‘Music of the S pheres’ concert in India, social media platforms are buzzing with fans as they have been receiving their tickets before the shows this week.
Tickets for Coldplay’s concerts in Mumbai and Ahmedabad, marking their second visit to India, have been sold out for a long time now. While people are still on the lookout for different ways to be a part of the concert, Gen Z in particular, has spared no effort to attend, tapping into savings, credit cards, or personal loans to experience a moment worth a YouTube short or Instagram reel. Banks are seizing this opportunity, with BoB research estimating this ₹2,000 crore “experience economy.”
Many young fans view Coldplay as a once-in-a-lifetime opportunity, with sentiments like, “I’ve grown up with Coldplay and don’t want to miss this,” said a 22-year-old from Mumbai.
She shared her story of how she managed to buy a ₹3,500 ticket after logging in early, while others weren’t as lucky due to soaring prices and sold-out seats.
This demand is reflected through the dependence over ticketing platforms, as BookMyShow has reported an 18% increase in the live music segment this year, according to a BBC report.
India’s booming concert culture is set to drive direct spending of ₹1,600-2,000 crore over a few months, with the potential to contribute ₹6,000-8,000 crore annually. This growth, fueled by a surge in premium experiences and moderate inflation, is poised to energize private spending and stimulate economic activity.
Financing the Concert
The immense growth in consumers spending on concerts has opened doors for the banking and financial services sector, to mint on this trend. Fintech platform Cashe has announced special loans for the Diljit Dosanjh and Coldplay concert in India, targeting the concert market effectively.
Several other banks and fintech platforms are stepping in creatively. Private sector banks like HDFC, Kotak Mahindra, and Yes Bank, along with international players like HSBC, have introduced entertainment-themed credit cards and partnerships with artists. Yes Bank’s Pop Club Credit Card collaborated with Karan Aujla’s concert, while Kotak Mahindra Bank offered exclusive access to Maroon 5 and Backstreet Boys’ India tours.
A recent Bank of Baroda report has highlighted the significant economic impact of concerts in India, estimating total spending between ₹1,600-2,000 crore over a few months. Ticket sales alone could generate ₹750-950 crore, with hospitality and transportation adding ₹400-500 crore.
Sponsorships are expected to contribute ₹250-300 crore, while event management, security, and merchandise could bring in ₹45-60 crore. These estimates exclude scalping and premium pricing but reflect the boost from mid-range and budget ticket sales.
The demand for ‘experience economy’ is echoed through the young population– fans who turned to personal loans and lending apps to secure tickets, while others who split costs with friends. A 23-year-old attendee shared, “I either saved in advance or adjusted my future budget to afford tickets.”
Concert Spending Insights
A survey conducted after Coldplay ticket sales revealed Gen Z’s willingness to spend on live events:
- 87% were willing to pay up to ₹25,000.
- 7% justified spending over ₹50,000.
Even individuals from lower and middle-income groups prioritized concerts, underscoring Gen Z’s preference for experiences over material expenses.
The Rise of Scalpers
For those unable to secure tickets, the black market became a last resort. Scalpers resold ₹6,450 standing tickets for as much as ₹45,000, with some even offering bulk purchase discounts. Tickets originally priced between ₹3,000 and ₹4,500 were inflated to ₹37,000 or more. Meanwhile, ticketing platform Viagogo listed tickets for as high as ₹1,93,652 each.
BookMyShow, the official ticketing partner, has taken a firm vocal stance against scalping, launching investigations into the unauthorized resale of tickets. Concert Economy in India
The rise in global and local concerts, including artists like Diljit Dosanjh, Dua Lipa, and Ed Sheeran, has fueled India’s experience-driven spending. Bank of Baroda estimates the Coldplay concert alone will contribute to a ₹2,000 crore boost in consumption, spanning ticket sales, F&B, hotels, transportation, and sponsorships.
Coldplay’s Ahmedabad show is set to host over 1,32,000 attendees, far surpassing previous records of 50,000 for ticketed concerts in India. The growing concert culture is not only shaping Gen Z’s spending habits but also elevating India’s position in the global entertainment market.Ahead of the shows, BookMyShow has organized a special train for Coldplay fans traveling to the Mumbai concert from January 18-21, benefiting those commuting from Goregaon, Andheri, and Bandra to Nerul. The platform has also released security guidelines to ensure a hassle-free experience. Traffic regulations have been implemented in Navi Mumbai to ensure smooth traffic flow and public safety during the three-day event. Navi Mumbai residents have been encouraged to plan their commutes ahead of the event accordingly.
