Mexico City’s live music industry is well integrated into transnational economic flows, sharing certain features of the Global North, while simultaneously maintaining an informal organization and conflicting dynamics typical of the Global South. Since the late 1990s, both the government and the entertainment industry in Mexico City have increasingly invested in live music, reflecting a strong emphasis on economic and political capitalization. In contrast, a notable segment of live music professionals has developed a distinctive yet contentious set of values, in which live music constitutes an essential component of urban life. This article investigates independent promoters and venue managers through 21 detailed interviews. Beginning in the informal economy of the city, interviewees started live music projects for creative purposes and brought people together to form emotional connections. The concept of ‘musical agora’ embodies their unique combination of values, emphasizing their potential contribution to local cultural democracy. However, factors such as the market structure, bureaucracy, corruption and violence turn most independent live music activity into an ‘extreme sport’, reflecting the complex nature of professionalization processes within cultural sectors in Mexico City.