Based on $USD:
$5 in 1972 would equate to $30.09 today. Minimum wage in 1972 was $1.60 or $10.00 an hour today. It would take just under 19 hours of work for that ticket.
$10 in 1977 would equate to $42.60 today. Minimum wage in 1977 was $2.30 or $10.16 an hour today. It would take 18.5 hours of work for that ticket.
Average concert cost in 2015 was $78.00. Average min. wage was about $7.74 (Federal Min Wage was set at $7.25). It would take 10 hours work for the ticket.
Average concert cost in 2019 was $96.17. Average min. wage was about $8.82 (Federal Min Wage is still set at $7.25). It would take about 11 hours work for the ticket.
Looking at it like this, tickets were always an expensive but an average ticket takes less time to afford these days (if that is the only thing you need to spend your money on).
On a side note - the US has an issue with setting a livable wage minimum.
* Sources
- US Department of Labor Statistics for the wages
- Consumer Price Index (CPI) data for computing inflation
- Pollstar Industry Source for the '15 & '19 concert averages
Your math is interesting, but perplexing. I see you placing the average cost for a 2019 ticket at $96.17. I am not sure how that number is derived, but most of the acts I want to see are topping out at $400. A factor in this is that in the late 1970s when I started seeing arena concerts, the front rows were priced identically to the back rows. Now the difference seems to be a factor of four or greater. And business wise this actually makes sense. Especially since the "scalping industry" was harvesting handsome profits off of the concert industry, and the artists and promoters got zero of those profits.
Anyway, my main point is that back in the day I saw MANY a show in the front of the venue because I and/or my friends were willing to get to a ticket outlet early in the morning to be first in line when the tix went on sale. In other words, if you were a big enough fan you could make it happen with little extra expense. Now the front rows are either skimmed for "cream of the crop" dollars, are fire sale day of the show prices, or are empty seats.
In fact, I recently read some concert industry talk where the going idea is "if it sells out at all, we priced it too cheaply." In other words, you earn more by overpricing each seat and leaving some empty than by selling all the seats at a lower (more affordable) prices.
Short take: it is not about the fans, it is about the business. My cynical side says this is an inevitable outcome. Especially considering that recorded music is (for better or worse) nearly free to the average internet user (I know that many here at QQ, myself included, still spend boatloads of money on official product!), so that the live concert event is really all that there is left to sell.
How long does it take to get into the front rows of a show on a minimum wage in 2020? The proportion is more like health care than a loaf of bread.