Nambatac, TNT duel with Beermen for the league crown jewel

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The post Live Nation CEO says demand is unmistakable, concert tickets are underpriced appeared on BitcoinEthereumNews.com. Live Nation CEO Michael Rapino and Smith Entertainment Group CEO Ryan Smith said this week live events are more central than ever to culture and commerce in a post-pandemic world. The executives spoke at CNBC Sport and Boardroom’s Game Plan conference on Tuesday, saying the demand for in-person events has been unmistakable. “No matter what you bring to that table that day, you unite around that one shared experience,” Rapino said. “For those two hours, I tend to drop whatever baggage I have and have a shared moment.” According to Goldman Sachs, the live music industry is expected to grow at a 7.2% compounded annual rate through 2030, fueled by millennials and Gen Z. Smith bought the Utah Jazz in 2020 and launched a new NHL franchise in the state in 2024. “In sports, we’re really media companies,” Smith said. “We’ve got talent, we’ve got distribution. We’re putting on a show or a wedding or something every night.” Get the CNBC Sport newsletter directly to your inbox The CNBC Sport newsletter with Alex Sherman brings you the biggest news and exclusive interviews from the worlds of sports business and media, delivered weekly to your inbox. Subscribe here to get access today. Rapino also emphasized how the economics of music have shifted. With streaming revenue dwarfed by touring income, live shows have become one of artists’ primary sources of revenue. “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 grand for Knicks courtside,” Rapino said.…