Just another day with yet another CEO facing backlash in the court of public opinion.
Michael Rapino, CEO of Live Nation — the parent company of Ticketmaster — incited anger by stating that concert tickets are, in fact, underpriced.
Rapino, who has a net worth of $997.1 million, said that concerts tickets have actually been ‘underpriced’ for ‘a long time.’
‘Music has been under-appreciated,’ Rapino said at CNBC and Boardroom’s Game Plan conference earlier this month.
‘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.’
The comments from the almost-billionaire tech CEO have sparked fury online, with consumers accusing him of being wildly out of touch.
‘People like @Michael_Rapino don’t understand normal people, nor do they care,’ a user wrote on X.
One user retorted, ‘Why don’t you donate some of your yearly income to us, who earn $17/hour and still try to find enjoyment in life through concerts,’ in a comment.
Live Nation CEO Michael Rapino, the boss of the company that runs Ticketmaster, ignited fury with recent remarks about ticket pricing
Rapino angered many by suggesting people should invest more in concert tickets, noting that people criticize him for charging $800 for Beyoncé tickets (pictured: Beyoncé’s Cowboy Carter tour).
‘Michael Rapino proving once again he is totally out of touch with normal people’s wallets,’ someone else posted.
Rapino’s remarks come as controversy around Ticketmaster’s extortionate pricing continues to heat up.
Fans of leading artists — from Sabrina Carpenter to Green Day, including Ariana Grande — have criticized Ticketmaster for facilitating scalpers to hoard tickets, resulting in sky-high prices on resale platforms.
Musicians are equally annoyed by Ticketmaster’s bad behavior.
‘I am incredibly bothered by it,’ Grande posted last week after secondary resellers upended the release of tickets for her first tour in six years.
Ticketmaster employs a dynamic pricing model that adjusts costs based on demand — leading to price spikes.
The organization has additionally been accused of collaborating with ticket brokers to circumvent protocols, enabling scalpers to buy tickets in bulk and resell them at exorbitant rates on secondary markets.
On September 18, the Federal Trade Commission revealed that they had sued Live Nation and Ticketmaster for engaging in illegal resale practices and misleading artists and consumers about prices and ticket availability.
Ariana Grande (pictured) posted that she was ‘incredibly bothered’ by Ticketmaster’s dynamic pricing system
The agency alleged that the ticketing companies tacitly coordinated with brokers, ‘allowing them to harvest millions of dollars worth of tickets in the primary market.’
After this, Live Nation and Ticketmaster would then allegedly sell the illegally harvested tickets at a substantial markup in the secondary market, causing consumers to pay significantly more than the face value of the ticket.
The FTC further alleged in a complaint that Ticketmaster misled artists and consumers by advertising lower ticket prices than the actual cost, falsely claiming strict ticket limits while brokers exceeded them, and profiting from reselling those excess tickets at higher prices.
‘President Donald Trump made it clear in his March Executive Order that the federal government must protect Americans from being ripped off when they buy tickets to live events,’ said FTC chairman Andrew Ferguson.
Ticketmaster dominates concert ticketing, handling about 80 percent of major venue sales and expanding in ticket resales.
From 2019 to 2024, consumers spent over $82.6 billion on its platform.
