In maybe probably the most out-of-touch assertion since Lucille Bluth priced bananas, Dwell Nation CEO Michael Rapino — the boss of the corporate that runs Ticketmaster — mentioned that, truly, live performance tickets are too low-cost. I would prefer to see him inform that to actually any non-millionaire American who’s tried to see their favourite artist.
The feedback from Rapino got here this week whereas talking at CNBC and Boardroom’s Recreation Plan convention. They shortly circulated on-line and, frankly, I assumed they needed to be pretend. As a CEO, it is the sort of factor you would possibly suppose, however in all probability not one thing you say out loud.
And if you happen to suppose we’re stripping out some essential context, suppose once more — the chief was fairly clear in his evaluation. For full context, the feedback got here as Rapino famous that the costliest sports activities tickets go for wildly excessive costs in comparison with concert events.
“Music has been under-appreciated,” Rapino mentioned, in response to Vice. “In sports activities, I joke it is like a badge of honor to spend 70 grand for a Knicks courtside [seat]. They beat me up if we cost $800 for Beyoncé.”
He argued that concert events — particularly these from the largest stars — at the moment are extra advanced productions and will include increased value tags.
He even mentioned that there is loads of room for live performance tickets to get much more costly.
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“We’ve loads of runway left,” Rapino mentioned, by way of Rolling Stone. “So once you examine ticket costs going up, the typical live performance value continues to be $72. Strive going to a Laker recreation for that, and there is 80 of them. The live performance is underpriced and has been for a very long time.”
Let’s, for a second, neglect that somebody paying $70,000 to attend a basketball recreation is already ridiculous — a gross show of conspicuous consumption, and, in observe, a payment for sitting near athletes, TV cameras, and celebrities with comped tickets. Sports activities video games are increased priced — and stay the crown jewel of televised occasions — as a result of they’re one-off occasions with an undetermined consequence. Sure, there are 82 regular-season Laker video games, however nobody is like the opposite. You are paying for unique entry to a factor that may by no means be repeated.
A live performance, in the meantime, is, by its nature, very similar to the night time earlier than and the night time after. It is also not completely dissimilar to what you may discover on Spotify. I am saying this as somebody who goes to approach extra reveals than sports activities video games. Shopping for entry to a live performance or present is my main ticket-buying expertise. And, in my expertise, costs are actually freaking excessive.
On common, a ticket to Taylor Swift’s Eras Tour price $3,071 in Indianapolis, the capital of a state with a median revenue of $71,959. The worth of a single ticket was double the typical month-to-month lease within the metropolis. That certainly can’t be thought of “underpriced.”
In case you had been questioning, Rapino’s complete compensation final yr was $33 million, which was a leap from the measly $23.4 million the yr prior and an enormous dip from $139 million in complete comp — sure, you learn that proper — in 2022.
As shoppers, we have all come to count on paying excessive costs — and extreme Ticketmaster charges — to go see our favourite artists. And we all know that arrow is simply pointing in a single route going ahead. However subsequent time you pull out your bank card to shell out a whole bunch of greenbacks — 1000’s, possibly — to see your favourite musician, you possibly can not less than take solace in figuring out the Ticketmaster boss thinks you bought an important deal.
This story displays the writer’s opinion.
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