Céline Dion performs a free show on the Plains of Abraham in Quebec City on Aug. 22, 2008. Céline Dion performs a free show on the Plains of Abraham in Quebec City on Aug. 22, 2008. (Jacques Boissinot/Canadian Press)It's time to stop lamenting the dearth of digital and physical album sales. Even in today's economy, musicians — at least top acts — are making more money than ever.

Consider Madonna. According to Forbes earnings estimates, the incomparable Material Girl, who tops our list, has hovered between $40 million US and $50 million in annual earnings since 2002. In the past year, a sold-out worldwide tour, impressive international sales of her latest album, Hard Candy, and lucrative endorsement deals put her earnings at $110 million.

Another standout is Céline Dion, who comes in second. Ten years ago, she landed on the Forbes Celebrity 100 list with earnings of $55.5 million. This year, the first year of her return to the road after a three-year stint in Las Vegas, she earned an estimated $100 million, landing at the second spot on our list. Last year, she grossed $237 million on tour, released her first English greatest-hits collection, My Love: Essential Collection, and added a sixth perfume to her fragrance collection.

In the past 12 months, the top 10 musicians earned a combined $719 million, up from $500 million during the same period ending June 2008.

The main reason for the industry's lucrative adjustment: big shows at steep prices. According to concert industry analyst Pollstar, 10 single shows grossed more than $10 million in 2008 (Madonna at Madison Square Garden, Billy Joel at Shea Stadium, Céline Dion at Montreal's Bell Centre, etc.). In 2007, only four shows had reached that level.

Ticket prices climbed $5.26 dollars on average, to $67.33, the biggest single-year increase in 15 years.

For big-ticket acts that can fill international arenas, selling a single concert ticket now earns them $20 US on average, while selling one physical album puts just $1 in their coffers.

As a result, gross revenue for the top 100 touring acts was up 6.5 per cent year over year, to $2.4 billion, though there were 5 per cent fewer shows. For big-ticket acts that can fill international arenas, selling a single concert ticket now earns them $20 on average, while selling one physical album puts just $1 in their coffers. Of course, musicians also benefit from merchandise sales while on tour.

To compile the list of the year's top-earning musicians, we considered earnings from album sales, touring, publishing and endorsement deals during the period from June 2008 to June 2009. Sources include Billboard, Pollstar, and Nielsen SoundScan.

Beyonce Knowles, who counts music, film, fashion design and celebrity endorsements as notches on her career belt, placed third on the Forbes list. Beyonce Knowles, who counts music, film, fashion design and celebrity endorsements as notches on her career belt, placed third on the Forbes list. (Scott Wintrow/Getty Images)The list has a preponderance of established acts. Bruce Springsteen and AC/DC have been recording and touring for over three decades. The Eagles returned after a 20-year recording hiatus. These expansive careers produce fans of all ages that can fill thousands of seats per gig and a large catalog of hits that keep shows eventful.

Beyonce Knowles came in third, earning $87 million. In the last year, Queen B dropped a double album, starred in two films, performed at both the Oscars and a Presidential Inaugural Ball and embarked on what is expected to be, at minimum, a 110-date international tour. She also expanded a fashion collection that includes casual and formal lines as well as jewelry and eyeglasses, and added sponsors Nintendo, Crystal Geyser and General Mills to a roster of endorsers already including L'Oréal, Giorgio Armani and Samantha Thavasa handbags.

The act with the least experience on the list is Rascal Flatts, whose first album was released in 2000. But, like other relatively new acts on the list, they've mastered the art and science of the modern superstar that is more brand than band. With a JCPenney clothing line in the works, significant crossover appeal and endorsement deals, they recognize how to capitalize on their popularity, unfettered by the economic threats to their industry and the economy.