How did music megatours become such a money spinner?

This episode of "The Inquiry" explores the financial dynamics of music megatours, questioning how they've become such significant money-spinners in the music industry. The episode features insights from multiple experts, discussing the shift from record sales to touring as a primary revenue source due to the digital age and music piracy. It examines how artists and the music industry leverage social media data to strategically plan tours, enhance the concert experience with technology and merchandise, and create a sense of exclusivity. The podcast also touches on the economic impact of these tours on host cities, the role of brand endorsements, and the challenges of balancing ticket affordability with high production costs, concluding that the desire for human connection drives the continued popularity of megatours.