NEW YORK (CelebrityAccess) — Rapino discussed Live Nation’s prospects for the summer, noting that while ticket sales started off slowly for 2019, they have “really ramped up” in Q2, with total sales up by 4% year-over-year from the company’s record year in 2018.
Rapino also noted that Live Nation has enjoyed strong international growth in recent years, with business abroad up by 40% in the last 5 years.
Rapino also weighed in on the company’s growth prospects going forward. Rapino told Fast Money’s Karen Finerman that there is ‘runway’ for additional revenue, noting that the average spend at a Live Nation event was $20 dollars while the Masters (Golf) Tournament average spend was $400. Rapino also stated that as big as Live Nation is, it still controls only about 30% of the concert industry’s market share, offering room for growth through acquisitions.
Rapino also touched on Live Nation’s partnership with touring artists, explaining the shift for artists from recording income to income from live performances.
Rapino also provided some insight into the global reach of the k-pop group BTS, noting that on the day tickets for their current tour went on sale, Live Nation saw more than a billion hits on their websites.