Wikimedia Commons: Eva RinaldiLive Nation CEO Michael Rapino believes concert tickets are “underpriced” and that there is still plenty of room for them to keep rising.
For the biggest music stars in the world, concerts have become grander shows than they were before. Stadium tours have become regular occurrences, with even the biggest indoor arenas being too small to host the likes of Taylor Swift, Beyoncé, and Kendrick Lamar.
However, despite the bigger attendances, concert prices have gone through the roof. Oasis’ reunion tour over the summer was a huge example of this, with some fans paying around £1000/$1300 for general admission standing tickets.
It’s not just the ticket price you have to pay, either. Buying through an official platform like Ticketmaster and Live Nation comes with all sorts of assistance fees that keep the costs skyrocketing.
Live Nation CEO hints at concert ticket prices still rising
And, if you thought ticket prices would be coming down anytime soon, think again. Live Nation CEO Michael Rapino believes concerts are “underpriced” compared to sporting events and there is plenty of “runway” to keep going up.
“Music has been under-appreciated. In sports, I always 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,” he said at CNBC and Boardroom’s Game Plan conference.
“We have a lot of runway left. So when you read about ticket prices going up, the average concert price is still $72. Try going to a Laker game for that, and there’s 80 of them or whatever the hell. The concert is underpriced and has been for a long time.”
Rapino pointed to the cost of shows going up, claiming Beyoncé’s ‘Cowboy Carter’ tour uses 62 trucks each show.
“That’s a Super Bowl she’s putting on every night. 10 years ago, there might’ve been 10 trucks,” he continued.
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The FTC are, however, suing Ticketmaster and Live Nation over claims of illegal ticket reselling and deceptive pricing.