Of the most enduring conceits of rock ‘n’ roll is that it’s music for young people, by young people. It exists to fly in the face of traditionalism, to rebel against authority, to rage against the machine. That’s especially true of rock music borne of the mid-to-late 1960s, a time in which the aging patriarchy was the enemy.

It’s right there in the lyrics. Paul McCartney mused about what life would be like “when I’m 64.” He was 24. Bob Dylan noted, “I was so much older then; I’m younger than that now.” He was 23. The Who’s Roger Daltrey voiced band mate Pete Townshend’s lyrics: “I hope I die before I get old.” Daltrey was 21, Townshend 20.

“It’s nice to be here. It’s nice to be anywhere.” — Keith Richards

Long story short, these guys didn’t get the memo. Not only did they get old, but they refused to put away their guitars (or at least the ones Townshend didn’t smash) and while away the hours in a rocking chair. They’ll go out rocking, just not in a chair.

It’s tempting to make a dozen or so jokes about the long-held AARP status of the solo artists and bands playing at Desert Trip, a six-day, two-part music festival at the Empire Polo Club in Indio, California. You know, like the fact that these septuagenarians are taking a four-day intermission in the middle of it. (The first half concluded Sunday; the event resumes on Friday.)

Is it ageist to make jokes about the lineup (average age: 71) or the audience (average age: 51)? Or is it just par for the course? (These guys should appreciate a golf reference, after all.)

It’s been widely dubbed “Oldchella,” a play on the annual Coachella festival that occurs on the same grounds and comes from the same promoter (Goldenvoice). And the artists — The Rolling Stones, Neil Young and Roger Waters, in addition to the aforementioned McCartney, Dylan and The Who — seem to be having fun with it.

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On the opening night Friday, Rolling Stones front man Mick Jagger, 73, told attendees: “Welcome to the Palm Springs Retirement Home for Genteel Musicians!”

Not to be outdone, his famously resilient band mate Keith Richards, 72, quipped: “It’s nice to be here. It’s nice to be anywhere.”

Friday kicked off with a set by Dylan and his band that covered 16 songs, several of them old favorites such as “Rainy Day Women #12 & 35” and “Tangled Up in Blue,” but with some eclectic later-career selections as well, according to a Rolling Stone magazine review. There was no banter and no encore, and Dylan, as is common lately, reworked his phrasing on a variety of songs in ways that made them at times unrecognizable.

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The Stones followed with 20 songs, including an encore of “You Can’t Always Get What You Want” and “(I Can’t Get No) Satisfaction,” with some surprises along the way, such as a cover of The Beatles’ “Come Together.” Jagger continued to amaze with an energy and athleticism of a man half his age, as the old pros put powered through their classics.

Saturday night brought sets by Young and McCartney, the latter inviting Young to join him for three songs: “A Day in the Life,” “Give Peace a Chance,” and one entirely unexpected oddity from the “White Album”: “Why Don’t We Do It in the Road?” (The lyrics comprise all of two lines.) McCartney more than gave the crowd its money’s worth with over 30 songs.

Earlier, Young’s set incorporated ecological and Native American themes while mixing a handful of rock cuts with classic ballads such as “Heart of Gold” and “Harvest Moon.” Young and his band ran through 17 songs before performing a single encore, the expected rouser “Rockin’ in the Free World.”

Desert Trip is already an unprecedented success. The festival is estimated to be drawing about 75,000 people per day and accumulating $160 million in sales, according to Yahoo. That demolishes the previous U.S. festival sales record of $84 million, set in 2015 by Coachella.

But why would these legendary rockers even want to play a festival (much less twice each) in their golden years? And why would so many people buy three-day tickets ranging from $399 to $1,599 — and that’s just for a seat, with VIP packages north of $3,000 — to attend?

It’s a simple matter of economics.

For the artists, the money doesn’t hurt. Yes, they’re all multi-millionaires, but they also have the overhead of multi-millionaires, and the revenue stream they used to enjoy no longer exists. Far fewer people buy records in this digital age. Royalties have plummeted.

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For example: Waters, 73, quit Pink Floyd more than three decades ago. “The Dark Side of the Moon” is one of the best-selling albums in history, but let’s face it — if you want it, you probably have it already. And if you don’t have a physical copy, you can stream it anytime you want.

So Waters keeps performing. And when he sticks to the Pink Floyd stuff — his solo material never exactly caught fire, to put it mildly — he is incredibly successful. His 2010-13 “The Wall Live” tour is the record-holder for the highest grossing tour for a solo musician.

For the audience — well, they have the money, and they love the music they grew up with. It’s hard to blame them, given the incredible quality of late-’60s and early ’70s rock. They’re baby boomers, and they’re of an age where they can spend that kind of money on a show.