In the wake of massive summer tours from Taylor Swift and Beyoncé, Live Nation has announced yet another record-breaking quarter in Q3 of 2023, with revenue up 32% to $8.2 billion and up 36% to $16.9 billion so far this year.
As fans continue to shell out big bucks for stadium and arena spectaculars (sometimes paying thousands of dollars for a single seat on the secondary market), Live Nation shows have sold 140 million tickets so far this year — up 17% year-over year — and have already blown past the 2022 full-year total of 121 million. Ticketmaster also broke a record, with 257 million fee-bearing tickets sold so far this year and projections to manage over 600 million tickets by year’s end.
“Today we delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry,” CEO Michael Rapino said in the official announcement.
“While we have benefitted from tailwinds for many years, it has accelerated due to the globalization of our business along with a fundamental shift in consumer spending habits toward experiences. With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come.”
Live Nation no doubt got some help from Swift and Beyoncé, whose respective must-see tours this year were earnings gold. Swift’s Eras Tour, which just added some dates in Canada, is estimated to become the first tour in the history of the business to gross a billion dollars.
Meanwhile, Beyoncé racked up $597 million worldwide from her Renaissance World Tour, making it the second highest-ever grossing tour from a female artist (behind Swift’s Eras Tour, of course, with dates lined up through the end of next year).
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Additional highlights from the earnings report point out that operating income has upped 32% to $8.2 billion in Q3, up 36% to $16.9 billion so far in 2023. Adjusted operating income is up 35% to $836 million in this quarter, up 33% with $1.1 billion to date this year.
As the world continues to reemerge from the pandemic, Live Nation is forecasting an even bigger 2024 with major tours from Bad Bunny, Bruce Springsteen and Green Day. Across the overall slate for next year, two-thirds of commitments are already booked and half of expected shows are booked for large venues.
From Variety US