By Luke Fountain

Copyright cnbc

Rapino also emphasized how the economics of music have shifted. With streaming revenue dwarfed by touring income, live shows have become one of artists’ primary sources of revenue.

“The artist is going to make 98% of their money from the show,” he said. “We just did Beyonce’s tour. She’s got 62 transport trucks outside. That’s a Super Bowl she’s putting on every night.”

Despite headlines about rising ticket prices, Rapino argued that concerts are still underpriced compared to sporting events.

“In sports, I joke it’s like a badge of honor to spend 70 grand for Knicks courtside,” Rapino said. “When you read about the ticket prices going up, it’s still an average concert price [of] $72. Try going to a Laker game for that, and there’s 80 of them [in a season].”

The cost of admission to movies, theaters and concerts rose 3.4% in August from a year earlier, according to the Bureau of Labor Statistics’ consumer price index data, outpacing the full index’s increase of 2.9%. Meanwhile the cost of admission to sporting events fell 0.5% compared to the same time last year.