Live Nation CEO Michael Rapino and Smith Entertainment Group CEO Ryan Smith said live events have become increasingly central to culture and commerce in the post-pandemic era. At CNBC Sport and Boardroom’s Game Plan conference on Tuesday, the executives said demand for in-person events has been unmistakably strong. Rapino said live events create a unifying shared experience that allows people to set aside personal concerns for a few hours. Goldman Sachs projects the live music industry will grow 7.2% annually through 2030, driven by millennials and Generation Z. Rapino said live shows now dominate artist revenue, with touring generating about 98% of income, citing Beyoncé’s tour as a nightly Super Bowl-scale production. Rapino argued concerts remain underpriced compared to sports, as August data showed admission costs for entertainment rose 3.4% while sporting event prices fell 0.5%.
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