CD sales and digital music sales are on the decline, so concerts and their sky-high ticket prices are a gold mine for the industry. Arenas, artists and ticket sellers are cashing in on the use of new technologies.
New mobile apps from Ticketmaster and eBay's StubHub make it easier to buy tickets and browse resale options. And, once you're at a concert, Front Gate's technology enables festivals to control access, allow attendees to make cashless payments and "check in" at different points to win prizes.
Concerts are using social media and social engagement to bring the concert beyond the venue.
"Ticket retailers, festivals and talent are using big data to better target consumers and increase sales, an especially important tactic this year as concert ticket sales are down," said Corey Martin, managing partner of consumer products at Allison & Partners.
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Yahoo is also in on the action. Yahoo recognizes that as big name artists team up for a concert, such as Beyonce and Jay Z and Rihanna and Eminen, ticket prices soar, leaving some consumers unable to afford tickets. The media company is partnering with LiveNation to stream one concert live every day.
"Yahoo is doing a lot in the content space to broaden their appeal as a media company; LiveNation needs to find new ways to get revenue and both companies will rely on the premium advertising sold during these shows," Martin said.
—By CNBC's Christina Medici Scolaro