• Latest
Live Nation Turns in Record Quarter as Touring Business Booms

Live Nation Turns in Record Quarter as Touring Business Booms

November 4, 2022
Read’s AI-powered summary feature squeezes a meeting into a two-minute clip

Read’s AI-powered summary feature squeezes a meeting into a two-minute clip

March 31, 2023
Ambani bats for cricket glory as Disney scales back in India

Ambani bats for cricket glory as Disney scales back in India

March 31, 2023
MSG Entertainment Finalizes Spinoff Plans

MSG Entertainment Finalizes Spinoff Plans

March 30, 2023
Tory Lanez Lawyers Ask for New Trial Over Megan Thee Stallion Shooting: ‘Miscarriage of Justice’

Tory Lanez Lawyers Ask for New Trial Over Megan Thee Stallion Shooting: ‘Miscarriage of Justice’

March 30, 2023
Mama June’s Kids: Everything To Know About Her 4 Daughters & Her Relationships With Them

Mama June’s Kids: Everything To Know About Her 4 Daughters & Her Relationships With Them

March 30, 2023
Kendall Jenner & Bad Bunny Spotted ‘Openly Kissing’ During LA Dinner Date: Report

Kendall Jenner & Bad Bunny Spotted ‘Openly Kissing’ During LA Dinner Date: Report

March 30, 2023
James Called Schwartz, Raquel Flirting ‘Desperate and Absurd’ Pre-Scandoval

James Called Schwartz, Raquel Flirting ‘Desperate and Absurd’ Pre-Scandoval

March 30, 2023
Raquel Seemingly Sleeps Over at Sandoval’s House While Ariana Is Out of Town

Raquel Seemingly Sleeps Over at Sandoval’s House While Ariana Is Out of Town

March 30, 2023
Oxfam Novib and Goodwell target East African startups with €20M Pepea fund

Oxfam Novib and Goodwell target East African startups with €20M Pepea fund

March 30, 2023
After bootstrapping for 15 years, energy renovation company Effy raises $22 million

After bootstrapping for 15 years, energy renovation company Effy raises $22 million

March 30, 2023
HOT
Celebrity Herald
  • Celebrities
  • Entertainment
  • Music
No Result
View All Result
Celebrity Herald
No Result
View All Result
Advertisement Banner
Home Entertainment

Live Nation Turns in Record Quarter as Touring Business Booms

November 4, 2022
in Entertainment
390 8
0
Live Nation Turns in Record Quarter as Touring Business Booms
548
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

Third-quarter 2022 revenues were $6.2 billion — 66.8% greater than the same period in 2019.

Live Nation Entertainment

The Live Nation Entertainment logo seen displayed on a smartphone.

Rafael Henrique/SOPA Images/LightRocket via GI

Live Nation set records for concert revenue and ticket sales in the third quarter of 2022 as the touring industry continued its recovery from the COVID-19 pandemic. Third-quarter revenues were $6.2 billion, 66.8% greater than the same period in 2019, while adjusted operating income increased 45% to $621 million, the company announced Thursday (Nov. 3).  

“Fans around the world continue prioritizing their spend on live events, particularly concerts,” said president and CEO Michael Rapino in a statement. “Despite varying economic headwinds including inflation, we have not seen any pullback in demand, as on-sales, on-site spending, advertising and all other operating metrics continue showing strong year-on-year growth.” 

The concerts division tallied its highest-ever quarterly attendance with 44 million fans at 11,000 events that generated $5 billion of revenue and $281 million of adjusted operating income (AOI), up 67% and 44%, respectively, from the same period in 2019. Demand was strong across all types of venues and markets. Stadium attendance tripled to almost 9 million as many top artists, including Bad Bunny (the highest grossing Latin tour in Boxscore history), Red Hot Chili Peppers and The Weeknd, took advantage of strong fan demand by performing the larger venues.  

Ticketmaster also had a record-breaking quarter by delivering its highest fee-bearing gross transacted value of $7.3 Billion, a 62% increase from the same period in 2019. Ticketing revenue was $343 million, up 96.7% year-over-year and 36.8% greater than the same period in 2019. Ticketing’s AOI of $163.2 million was 5% lower year-over-year but 28.2% above the third quarter of 2019.   

Ticketmaster has made headlines because some artists — namely Bruce Springsteen and Blink-182 — opted for dynamic pricing that charged more for the best seats. The practice may frustrate some fans, but Live Nation expects to transfer over $550 million to artists through higher primary ticket prices — value that might otherwise have been captured on the secondary ticketing market.  

Sponsorship and advertising revenue was up 59.4% to $343 million on the strength of Live Nation’s festivals and Ticketmaster platform integration. The high-margin segment’s AOI of $226.2 million was 103.4% better year-over-year and 69.8% higher than the same period in 2019. Confirmed sponsorship revenue for 2023 is up 30% over the same period a year ago.  

Through September, ancillary fan spending at U.S. amphitheaters was up 30%. “The consistent theme is that fans are eager to enhance their experience, as we continue elevating our hospitality operations and provide more premium options,” said Rapino. 

Looking ahead, the busy touring season will continue into 2023 and consumer demand appears to be holding strong despite widespread fears of an upcoming recession and tightening budgets due to persistent inflation. “Ticket sales for shows in 2023 are pacing even stronger than they were heading into 2022, up double-digits year-over-year, excluding sales from rescheduled shows,” said Rapino. Through the third quarter, Ticketmaster sold over 115 million, up 37% from the same period in 2019. 

Live Nation’s share price rose 4.6% to $79.90 in after-hours trading on Thursday following the earnings release.

Financial metrics 

  • Total revenue: $6.2 billion, up 63.TK% from 2019 
  • Adjusted operating income: $621 million, up 45% from 2019 
  • Concert revenue: $5.29 billion, up 66.8% from 2019 
  • Ticketing revenue: $531.6 million, up 36.8% from 2019 
  • Sponsorship and advertising: $343 million, up 59.4% from 2019 

Fan metrics 

  • North America concerts; 8,261, up 14% from 2019 
  • International concerts: 2,958, up 57.4% from 2019  
  • North American fans: 29.1 million, up 27.7% from 2019 
  • International fans: 15.2 million, up 71.9% from 2019 
  • Fee-bearing tickets: 73.4 million, up 32.7% from 2019 


Daily newsletters straight to your inbox


Subscribe

Read More

Advertisement Banner

You Can Like

MSG Entertainment Finalizes Spinoff Plans
Entertainment

MSG Entertainment Finalizes Spinoff Plans

by
March 30, 2023
0

The live entertainment company will break away from Sphere, MSG Networks and Tao Group Hospitality on April 20. Madison Square Garden James...

Read more
Tory Lanez Lawyers Ask for New Trial Over Megan Thee Stallion Shooting: ‘Miscarriage of Justice’
Entertainment

Tory Lanez Lawyers Ask for New Trial Over Megan Thee Stallion Shooting: ‘Miscarriage of Justice’

by
March 30, 2023
0

With the rapper facing a potential 21-year prison sentence, his lawyers say the judge overseeing last year's trial made some major mistakes....

Read more
YouTube’s Lyor Cohen to Receive City of Hope 2023 Spirit of Life Award
Entertainment

YouTube’s Lyor Cohen to Receive City of Hope 2023 Spirit of Life Award

by
March 29, 2023
0

The honor will be presented at a gala in Los Angeles on Oct. 18. Lyor Cohen photographed on Jan. 31, 2020 at...

Read more
Megan Thee Stallion Is a Golden Goddess at THR & Jimmy Choo’s Power Stylists Dinner
Entertainment

Megan Thee Stallion Is a Golden Goddess at THR & Jimmy Choo’s Power Stylists Dinner

by
March 29, 2023
0

Her two-piece set was a 1997 Paco Rabanne look. Megan Thee Stallion attends The Hollywood Reporter And Jimmy Choo Power Stylists Dinner...

Read more
Ariana Grande Celebrates 10th Anniversary of ‘The Way’ Collab With Mac Miller: ‘I Love You’
Entertainment

Ariana Grande Celebrates 10th Anniversary of ‘The Way’ Collab With Mac Miller: ‘I Love You’

by
March 28, 2023
0

The singer responded to a fan's post honoring the 2013 hit single from her debut album, "Yours Truly." Mac Miller and Ariana...

Read more
Is TikTok Actually Creating More One-Hit Wonders?
Entertainment

Is TikTok Actually Creating More One-Hit Wonders?

by
March 28, 2023
0

The portion of artists who failed to follow-up their first hit has been relatively constant in the last two decades — but...

Read more
  • Privacy Policy
  • Contact Us

© 2023 Celebrity Herald - All Rights Reserved

No Result
View All Result
  • Celebrities
  • Entertainment
  • Music

© 2023 Celebrity Herald - All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In