During Live Nation‘s quarterly results announcements yesterday, CEO Michael Rapino spent a large proportion of the time allotted for questions talking about blockchain and nonfungible tokens (NFTs). He believes many of the benefits offered by blockchain for ticketing are achieved with digital tickets that don’t necessarily use blockchain. But he was keen on memorializing attendance at an event as a ticket NFT, and offering video clips from concerts as NFT collectibles.
Rapino was upbeat when asked how Live Nation might approach blockchain and collectibles. Currently, when a customer buys a ticket, Live Nation looks to sell them a T-shirt or offer a unique piece of artwork on the PDF ticket. Rapino sees an NFT as another avenue to “cement that magic moment called the concert”. So he envisages layering an NFT on a ticket using the Ticketmaster platform. Much like people might keep a concert ticket as a keepsake, a concertgoer will have an NFT of the ticket.
In terms of Live Nation, which manages events, “We think it’s a great way for us to engage with our fans using that NFT and that direct relationship now to add rewards, add perks, add souvenir moments,” said Rapino.
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