Over the past decades, different theoretical perspectives have been developed that help to understand the social context in which live music is produced and consumed. Theories from the fields of sociology, cultural studies and popular music studies have enhanced our knowledge of (live) music industries and their impact on society. They help us to answer the central question that this book poses: How can we understand the future of live music? Theories offer models for understanding; they explain social phenomena, and structure data collection and analyses. In other words, theories allow us to make sense of social reality and can help us to think about future developments. In this chapter, we will discuss different theoretical perspectives that have been used to study the production and consumption of live music.