Live Nation CEO Michael Rapino thinks that concerts aren’t nearly as expensive as they should be.
Musicians and fans aren’t in a good spot right now. The former suffer from high touring expenses and unreasonable label demands that often leave them penniless or in the red, while the latter have to shell out a hefty sum to attend the live shows of their favorite bands.
Michael Rapino, Live Nation’s CEO, thinks otherwise. He’s certain that concerts should be more expensive than they currently are. Speaking at CNBC and Boardroom’s Game Plan conference, Rapino stated that people have no problem paying large amounts of money for sports. Still, somehow concerts are a problem:
“I think music has been underappreciated. You know, I always joke, sports – it’s like a badge of honor to spend seventy grand for a Knicks courtside. They’d beat me up if we charged eight hundred for Beyoncé, right?”
Rapino continued:
“It’s a real…it’s very under… We have a lot of runway left, right? So when you read about the ticket prices going up, it’s still – average concert price is $72. Try going to a Laker game for that. And there’s eighty of them or whatever the hell.”
“So, the concert is underpriced – has been for a long time.”
