The study of significance created in live performance is a fascinating phenomenon that has been understudied historically. The main focus of the current study was to explore how an audience interprets a musical show and creates value in attending such experiences. Barthes’ work on semiotics and meaning creation is used as the theoretical basis for the question “How does the audience create meaning in live music?” investigated using Image-Music-Text and S/Z as a primary source. The findings were gathered through interviews with individuals aged 18-30, who had attended concerts in the past. Results confirmed participants’ experiences and memories as the centre of the creation of significance.