Photo credit: Live Nation
The global pandemic is in the rearview mirror of Live Nation, whose first-quarter revenue rose 73% as viewership skyrocketed — to nearly 20 million — as fans flocked back to the live shows.
Despite — or perhaps partly due to — Taylor Swift’s bad press and troubles with his Ticketmaster division and upcoming legislation following a Senate hearing, Live Nation released one record quarter in the first quarter of 2023. The company generated revenue of $3.1 billion – an increase of 73 percent compared to the same period last year. Nearly 20 million fans attended his events as the global touring industry returned to full strength.
Live Nation’s concert division sold nearly 90 million tickets to shows this year in the first quarter alone, up more than 20 percent year-on-year, with adjusted operating income of $320 million — an increase of 53 percent.
“A lot of the big tours – from Beyoncé to Drake to Bruce Springsteen – have had such high demand that even if the artists added a bunch of extra shows, they weren’t able to meet all the fan demand,” he said Michael Rapino, CEO of Live Nation. “We believe the industry still has years of growth ahead of it.”
“This achievement is a sign of our continued long-term growth and sets the stage for a record in 2023 as we are more positive than ever when it comes to artist touring, fans attending concerts to see their favorite artists and our role in it.” going to make that possible.” Rapino continued.
Not surprisingly, Ticketmaster led the sale of over 73 million “paid” tickets, up 40 percent, and brought in gross paid transaction volume of $7.7 billion, up 60 percent.
When asked how the forthcoming legislation Rapino remained upbeat, saying the changes are in line with the company’s proposed FAIR Ticketing Act.
“We’re watching what’s going on and we think that with all the noise, most people end up where we are, which is the principles of the FAIR Act – all-in pricing, eliminating fraudulent practices, it seems to be be.” Common themes in these bills,” Rapino said. “All of this aims to help artists control their tickets and get them into the hands of fans,” while avoiding the secondary market.
“Right now it’s the Wild West and we’re doing our best – but it’s not (Live Nation) against any of that. We agree on all points,” Rapino concluded.