Yup. Somebody somewhere looked a sheet and said instead of 40,000 people paying $40 ($1,600,000), I bet we can make more money charging $50. And so 5,000 people stopped paying, but 35,000 x $50 is $1,750,000, so it must have worked. Then somebody else came along and said you know, $50 is okay, but the last time we increased the ticket price we got more money. Let's try $60. Another 5,000 dropped out, but 30,000 x $60 = $1,800,000. Another great business transaction. And then that guy's boss said, why stop there? Let's charge $75! So long to another 5,000 fans, but 25,000 x $75 = $1,875,000.
And now these people are finally looking up and wondering, hey, where did 40% of our fanbase go?!