Live Nation CEO touts demand, says concert tickets are underpriced
Live nation CEO Michael Rapino and Smith Entertainment CEO CEO Ryan Smith said that this week live events are more central than ever for culture and trade in a pandemic world.
Speaking at the CNBC Sport and Counttoom Game Plan conference on Tuesday, executives said that high demand for face -to -face events is open.
Rapino said, “No matter what you bring to that table that day, you unite around this shared experience, Rap Rapino said. “For these two hours, I tend to reduce the baggage and spend a common moment.”
Accordingly Goldman Sachslive music industry expected to grow It was fed by Millennials and Obsness Z at a compound rate of 7.2% until 2030.
Smith acquired Utah Jazz from the NBA in 2020 and launched a new NHL Franchise in 2024.
“We’re really media companies in sports, Smith said Smith. “We have the ability, we have a distribution. Every night we put a show, wedding or something.”
Rapino also stressed how the music economy has changed. Live shows with the flow income, which was screened by income, have become the primary source of income for artists.
“The artist will take 98% of his money from the demonstration.” He said. “We did Beyonce’s tour.
Despite the titles of increasing ticket prices, Rapino argued that concerts are still low compared to sports activities.
“I’m kidding in sports. [$70,000] For Knicks Courtide, Rap Rapino said. When you read the ticket prices, still an average concert price [of] $ 72. Try to go to a Lakeer game for this and have 80 of them [in a season]. “
The entrance cost for films, theaters and concerts increased by 3.4% in August compared to the previous year, Bureau of Statistics’ Consumer Price Index data leaving behind 2.9%of the entire index. Meanwhile, the cost of entry to sports events last month fell 0.5%compared to the same time last year.
Ryan Smith participates in a media opportunity before the leading match for the Utah Hockey Club in Delta Center in Salt Lake City on 8 October 2024.
Bruce Bennett | Getty Images Sport | Getty Images
When we look forward, both executives bet on Salt Lake City as a growth market. Smith and Rapino are partners in the entertainment area in a new city center in Utah, anchored by sports and music.
The plan is to host 100 to 200 nights a year from NBA and NHL games to big concerts..
“If we do our job, there are probably a million people who come to the city center.” He said. “The effect on a city and businesses is almost indescribable.”
Rapino also said that technology can buy tickets, including AI -guided tickets.
“Since you will use this chatbot, most website will have difficulty in the future,” Rapino said. He said. “We think of how you found a ticket and how you can get this ticket.”
