Concert Ticket Prices: Expect Further Increases, Says Live Nation CEO
Live Nation CEO Michael rapino recently indicated that concert ticket prices are likely to continue their upward trajectory. He believes current pricing doesn’t reflect the true value of a live music experience when compared to other major entertainment events like sporting competitions. This perspective suggests fans should brace for possibly higher costs in the future.
A Value Disparity?
Rapino highlighted a perceived imbalance in how society values live music versus live sports. He jokingly pointed out the willingness of fans to spend significant sums – upwards of $70,000 – for premium seats at a basketball game. Conversely,there’s frequently enough backlash when concert tickets for major artists like Beyoncé reach $800.
This comparison underscores his argument that concerts are, actually, “underpriced.” He stated the average concert ticket currently costs around $72, a price point significantly lower than comparable experiences in the sports world.
Rising Production Costs Fueling Increases
Several factors contribute to the potential for continued price hikes. Rapino specifically cited escalating production costs as a key driver.
Consider Beyoncé’s ‘Cowboy Carter’ tour, which requires a logistical undertaking of 62 trucks per show. This is a dramatic increase from just a decade ago, when a similar tour might have needed only 10 trucks. Essentially, today’s concerts are becoming increasingly elaborate, akin to “Super Bowls” put on nightly.
What This Means for You
If you’re a concertgoer, this news likely isn’t welcome. You can anticipate that securing tickets to see your favorite artists may become even more expensive. Here’s a breakdown of what’s happening:
* Increased demand: Popular artists continue to draw massive crowds.
* Complex productions: Shows are becoming more visually and technically demanding.
* Perceived undervaluation: live Nation believes concerts are currently priced below their true worth.
Legal Challenges Loom
Despite the company’s stance on pricing, Live Nation and Ticketmaster are currently facing legal scrutiny. The Federal Trade Commission (FTC) is suing the companies, alleging illegal ticket reselling practices and deceptive pricing strategies. This legal battle could potentially impact future pricing decisions and market practices.
Ultimately, the future of concert ticket prices remains a complex issue. It’s a balancing act between providing fans with access to live music and reflecting the increasing costs and complexities of putting on a world-class show.
