Live Nation's CEO doesn't think you are paying enough for tickets. You read that correctly.
CNBC reported:
Rapino also emphasized how the economics of music have shifted. With streaming revenue dwarfed by touring income, live shows have become a primary source of revenue for artists. “The artist is going to make 98% of their money from the show,” he said. “We just did Beyonce’s tour. She’s got 62 transport trucks outside. That’s a Super Bowl she’s putting on every night.” Despite headlines about rising ticket prices, Rapino argued that concerts are still underpriced compared to sporting events. “In sports, I joke it’s like a badge of honor to spend [$70,000] for Knicks courtside,” Rapino said. “When you read about the ticket prices going up, it’s still an average concert price [of] $72. Try going to a Laker game for that, and there’s 80 of them [in a season].” The cost of admission for movies, theaters and concerts rose 3.4% in August from a year earlier, according to the Bureau of Labor Statistics’ consumer price index data, outpacing the full index’s increase of 2.9%. Meanwhile, the cost of admission for sporting events last month fell 0.5%, compared to the same time last year. Rest of article.
That's right. You are not paying enough for concert tickets and should be paying more, much more. Such things happen when Ticketmaster and Live Nation get together to form a monopoly.
12 comments:
I think the argument is that the face value( or the price that the artist is somewhat receiving/helping set) is too low. Which is obvious given what the true value is/what they trade for in the secondary market. Artists are leaving too much of the economics on the table (so to seem nice to their fans) and the scalpers see that and take advantage of the below market pricing. If artists were better at pricing the tickets the scalpers would have less opportunity to make a profit.
If I go to a football game the athletes on the field are going to perform the same as they appear on TV. For the majority of artists, if I go to a concert they are going to sound much worse than they do on the radio due to the use of autotune. Why pay more to listen to a worse version of a song? That is why I have never been a huge concert person, but to each their own.
Assuming they are not lip-syncing. Another reason I listen to European or symphonic metal.
It costs approx. $1,200 for one ticket to sit behind home plate in a Yankees game.
Crickets from federal regulators. But somehow they go after free products like Google chrome for being anti-competition.
If artists were better at pricing the tickets the scalpers would have less opportunity to make a profit.
Maybe less total profit dependent on what the market will support but not less opportunity.
It's the fees I can't stand paying. And ticket master sucks....
There are some damn good bands that play locally if you aren't too afraid of attending a venue in Jackson. The music scene isn't like it was in the 90s but it's definitely making a comeback!
@9:32 That is so bass ackwards from reality. Live music sounds infinitely times better than radio. There's a much larger majority of musicians across different genres that don't use autotune than those that do. The commercialized pop stars that can't actually sing that well without the use of autotune are in the minority and probably sound better to you on the radio.
There hasn’t been any truly good music created in over 40 years.
@1:58. Since 1975.
Average concert price is $72???!!! That’s the average which includes the median Taylor Swift ticket of $1550. That means there are a huge number of tickets priced well below $72. Who are those artists? Based on what I have been paying must be a bunch of no name drunks on kazoos. That or he made that number up.
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