Live Nation CEO Michael Rapino stated his thoughts on current concert ticket prices at CNBC and Boardroom’s “Game Plan” conference in Los Angeles. “Music has been underappreciated,” Rapino said. “In sports, I joke it’s like a badge of honor to spend 70 grand for a Knicks courtside [seat]. They beat me up if we charge $800 for Beyoncé.” Despite the increasing cost of live concerts, Rapino believes demand is also increasing, and tickets are actually “underpriced.”
“We have a lot of runway left. So when you read about ticket prices going up, the average concert price is still $72,” he continued. “Try going to a Laker game for that, and there’s 80 of them. The concert is underpriced and has been for a long time.”
According to Vice, Rapino also attributed increasing ticket prices to mainstream artists like Beyoncé turning their shows into “investments.” “That’s a Super Bowl she’s putting on every night,” Rapino said in reference to Beyoncé’s Cowboy Carter Tour. He also claimed that artists are “forfeiting margin for the experience,” explaining how artists like Taylor Swift funnel lots of money into concert production. “You hear about these $100 million grosses, that artist, depending on the show, might only take home 30 percent of that, spending 70 on the show.”
According to thefader.com, 2024 data compiled by Pollstar suggests the average concert ticket in the United States is closer to $136. Thefader.com also points out that the cost of concert ticket often depends on the type of venue, ticket fees, and ticket scalpers’ mass buying and reselling of concert tickets.
Michael Rapino has not made any additional statements on the matter.
Leave a Comment