Live Nation CEO Michael Rapino and Smith Entertainment Group CEO Ryan Smith discussed the importance of live events in a post-pandemic world at CNBC’s Game Plan conference. The live music industry is expected to grow at a 7.2% annual rate through 2030. Smith bought the NBA’s Utah Jazz in 2020 and launched a new NHL franchise in 2024.

Rapino highlighted the shift in music economics, with artists making the majority of their revenue from live shows. He argued that concert ticket prices are still underpriced compared to sporting events. The cost of admission for movies, theaters, and concerts rose 3.4% in August, outpacing the overall consumer price index increase.

Both executives are focusing on Salt Lake City as a growth market, planning a new downtown entertainment district with sports and music venues. The goal is to host 100 to 200 events a year, boosting tourism and business in the city. Rapino also emphasized the need for improved ticketing technology, such as AI-driven systems.

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1. The US economy added 850,000 jobs in June, beating expectations of 706,000. The unemployment rate rose to 5.9% as more people entered the workforce.
2. Tesla delivered a record 201,250 vehicles in the second quarter, surpassing estimates of 200,000. The electric carmaker saw strong demand for its Model Y and Model 3.
3. Amazon Prime Day sales reached $11 billion, up 6.1% from last year’s event. The two-day shopping extravaganza saw strong demand for electronics, home goods, and fashion items.: Live Nation CEO touts demand, says concert tickets are underpriced