Inputs that enable and facilitate live music making in Australia and their related outputs come at a cost. Labour, materials and infrastructure are either directly purchased or donated to that end. Furthermore, given the scarce resources of consumers, the diversion of money to live music implies that other opportunities to improve individual welfare are denied—another social cost that must be considered.
The total social and economic cost of live music making in Australia and its related enterprises in 2014 is estimated to be 5.0 billion dollars. This includes direct costs of 4.98 billion dollars and opportunities ‘lost’ to individuals, investors and the community of 55.8 million dollars.