The 28th Annual Goldman Sachs Communacopia Conference took place on September 18. Michael Rapino was an invited guest and sat down for a live Q&A. Find out more about his visit at livenationentertainment.com.
Michael Rapino was also a guest at the 2017 conference, where he sat down with Goldman Sachs’ Drew Borst for a live Q&A and spoke at length about Live Nation’s future international expansion, his vision for growing into a hospitality company, and the growth of Ticketmaster’s Verified Fan and Presence.
Rapino told Borst that Live Nation has an estimated 30 percent of the global market share of the live music industry, and that he’s focused on promoting and selling tickets within new, international markets.
“This was a record year coming off a record year coming off a record year,” said Rapino.
Rapino also discussed how streaming has impacted what artists are able to net from music sales, but that it has also come with a big benefit. Artists are now able to develop a much stronger relationship with fans, and with Ticketmaster’s Verified Fan, he is focusing more on ensuring they’re fairly compensated. The service created a “better suite of services for the artists,” where the internal “artist master” team consults with artists about pricing. At the same time, Ticketmaster Presence helped move away from bar-code ticketing.
Rapino also spoke about his renewed dedication to improving the fan experience, namely by adding more VIP opportunities and better food and beverage options. “We have not done a great job in the music business at all treating our fans well or engaging them. [There is] huge opportunity in [the] music business to become a hospitality company.”