The National Independent Venue Association (NIVA) has published a new report called The State of Live which found that 64% of independent music venues in the United States were not profitable in 2024.

The study, which NIVA claims is "the first economic research study of the independent live sector," paints a grim picture for indie venues, even though they generated more than $153.1 billion in "total economic output" for all of 2024. They also pumped $86.2 billion into the U.S. GDP during that year.

Independent venues paid over $19 billion in taxes, split between $3.14 billion in local taxes, $4.17 billion in state taxes, and $12 billion in federal taxes.

The study is available here, and covers more than just the lack of profitability most independent venues face. It details the distribution of revenue sources (tickets and cover fees account for 46% of all revenue while alcohol and drinks account for 25%) and how many jobs independent venues provide (over 900,000).

Another important finding is that fans traveling to independent shows generated more than $10 billion in off-site tourism spending by dining out, shopping, and staying at hotels.

NIVA stresses that rising costs are cutting into what little profit venues can generate. These include fees for artists and inflation affecting insurance, rent, and beverage costs. Full-time and part-time employees are expected to cost more too, further slicing what potential profits the venues could bring in.

As for methodology, the study used survey data alongside information from venues, third-party collaborators like JamBase, federal companies, and employment statistics.