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Are you a music fan who was hoping that prices of concert tickets would, at some point, stabilize and become more affordable for the everyday consumer?
Well, I’m afraid I’ve got some bad news.
Because, as it turns out, Ticketmaster CEO Michael Rapino doesn’t believe that the cost of tickets is too high. In fact, Rapino believes that people should be paying more for tickets and that they should actually be happy to do so!
Ticketmaster CEO Wants To Charge Concertgoers Even More Than He Already Is
Rapino, who has a net worth that is quickly approaching $1 billion, told attendees at CNBC and Boardroom’s Game Plan conference that concert tickets have been “underpriced” for “a long time.”
“Music has been under-appreciated,” he said. “In sports, I joke it’s like a badge of honor to spend 70 grand for a Knicks courtside [seat]. They beat me up if we charge $800 for Beyoncé.”
That is…certainly one view of things. Sadly, it echoes the path that billionaire ticket sellers and venue owners have continued to move in recent years. Additionally, seating has been pushed out in favor of luxury suites. Front row tickets are no longer obtainable for normal fans. Instead, they’re sold as part of larger, five-figure ticket “packages.”
Rapino’s comments come as tickets to shows for artists such as Beyoncé and Taylor Swift are already borderline unobtainable. But according to the CEO, that, too, is a good thing.
Rapino said that rising costs should be attributed to inflation, artist demand and difficult venues. He did not, however, note that Ticketmaster and Live Nation currently hold a monopoly on ticketing and are being investigated by Congress for such.
Rapino added that the increases are also due to mainstream artists turning concerts into an “investment in the experience.”
Which is all to say, Rapino doesn’t just want to price you out of attending events you’ve waited years for; he also wants you to be grateful to him for doing so.
However much you already hate Ticketmaster and its executives, I promise you that is not enough.