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A living nation CEO Michael Rapin and CEO of Smith Entertainment Group Ryan Smith said that this week live events are more central than ever culture and trading in the post -Pandemic world.
The executives performed at CNBC Sport and the Halls of the Meetings Plan of the game The conference on Tuesday, saying that demand for personal events was unmistakably.
“No matter what you bring to this table that day you are united around this general experience,” Rapin said. “In these two hours, I usually throw any luggage and have a common moment.”
According to Goldman SachsIt is expected that the live music industry will grow from 7.2%, consisting of an annual rate by 2030, fueled by millennia and Gen Z.
Smith bought jazz Utah in 2020 and launched NHL’s new franchise In the state in 2024.
“We really are a media company in sports,” Smith said. “We have talent, we have a spread. We put on a show, wedding or something every night.”
Rapina also emphasized how the music economy has shifted. With the help of revenue broadcasts that come into touring income, live shows have become one of the main sources of artists’ profits.
“The artist is going to make 98% of his money from the show,” he said. “We’re just done Excursion by Beyon. She has 62 transport vehicles on the street. This is the Super Cup she puts every night. “
Despite headlines about raising ticket pricesRapina claimed that concerts were still overgrown compared to sports.
“In the sport, I’m kidding, it’s like an honorary sign to spend 70 grandees for knicks courstside,” Rapin said. “If you read that ticket prices are rising, this is still the average price of a concert (per) $ 72. Try to go into the player and 80 (in the season).”
The cost of admission to movies, theaters and concerts increased by 3.4% in August than a year earlier, reports Bureau of Labor Statistics’ Consumer price index data that overcomes the full index increase by 2.9%. Meanwhile, the cost of admission to sports events decreased by 0.5% compared to the same time last year.
Ryan Smith visits the media at the Utah hockey club at the Delta Center in Salt -Leik -Sity on October 8, 2024.
Bruce Bennett | Getty Images Sport | Gets the image
Going forward, both executives are largely on the Salt -Leik -Siti as a growth market. Smith and Rapin cooperate at the new entertainment center secured by sports and music.
The plan is to eventually spend 100 to 200 nights of events a year, from NBA and NHL games to major concerts.
“When we do our job, it’s probably a million people who are going to the city center,” Smith said. “The influence he has on the city and enterprises is almost indescribable.”
Rapina also said technology, including AI tickets, can make the tickets more smooth.
“Most sites will be disputed in the future because you are going to use this chat,” Rapin said. “We believe that tickets and how you find this ticket and how you can get this ticket needs to improve.”
