Hello miranda, welcome to WPF. The 50mm f/1.8 is certainly as fast a lens you are likely to find at a reasonable cost. My question would be, how far away from the performers are you going to be, and how tightly framed do you want your pictures to be?
It might be worth going to a typical venue when a gig isn't on and, with a friend, seeing if the framing is going to be as you want it. You can use the 18-55 set to 50mm for this experiment. If it's not possible to access a venue, you could still do this experiment somewhere else with a friend posing at the kind of distance you expect to be from the artists.
If you find that 50mm is rather wider angle than you want your pictures to be, then you're looking at spending rather more money for a fast long lens.
Duncan
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