39: Rocknomics. A backstage economics pass with an industry legend.

Michael Newton, founder of A Day On The Green, provides an exclusive  backstage pass to the economics of staging 500 live outdoor shows with 4 million ticket sales.  Elton John, Rod Stewart, Rick Astley, Fleetwood Mac, Bryan Ferry and every headlining Australian music act you can think of have performed at A Day On The Green venues around Australia and New Zealand.The risk, complexity and uncertainty of staging outdoor shows in Australia’s $17 billion live performance industry isn’t for the faint hearted. Michael Newton with Burgernomics host, Ross MacDowell discuss the art of ticket pricing, the difficulty of predicting audience demand, how the profit break even point is calculated on audience seats, what proportion of each shows total cost is the artists fee, the foreign exchange risk that can mean the difference between profit & loss and calculating the flow on effects to the local economy where the show is staged.It’s a fascinating discussion ending up with Rick Astley in Andrew’s Hamburgers store in Albert Park Melbourne to explain The Burgernomics Test.