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Returning fans jolt life back into concert biz

Last year wasn't the best for many businesses - including concert promoters - as a sluggish economy slowed consumer spending. Even some of the biggest names in music weren't selling tickets. But this year, touring artists are singing a happier tune, as music fans flock once more to stages around the country.

According to 2011 data, concert ticket sales are up, CBS News Correspondent Elaine Quijano reported on "The Early Show." From January to June, the top 100 U.S. tours grossed $1.12 billion dollars - about 16 percent more than the same period last year.

"The touring industry has rebounded this year; it's been great to see," said Billboard magazine Editorial Director Bill Werde. "The economy is slowly getting a little better. ... 2010 was a little bit of a perfect storm. I think there was a lot of skittishness in the economy; people were very wary about non-essential spends."

Big names couldn't draw big enough crowds. Even four-time Grammy winner Christina Aguilera had to cancel her entire summer tour. The slump caused management companies for major artists to rethink their strategy to try to lure fans back.

Pictures: Christina Aguilera

John Meglan, president and co-chief executive officer of AEG Live/Concerts West, said, "We've gotten smarter on the ticket pricing. Our pricing has become more dynamic. It's having a price available for everyone."

And while high-profile acts like U2 and Lady Gaga continue to dominate ticket sales, fans are also looking for value. The single biggest concert event so far this year was Coachella, a three-day music festival in California that featured hundreds of bands.

Pictures: Coachella 2011
Pictures: Lady Gaga

Werde said, "Some of those festivals, really what they're offering is an experience as much as a headliner. If the value is there, just like in any industry, fans will pay."

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