Center stage
Following a record-shattering series of live shows this year — with unprecedented demand driven by the concerted efforts of artists like Taylor Swift and Beyoncé — events promoter Live Nation Entertainment has capitalized as the ticket-shifting tour-de-force.
The company, which also owns Ticketmaster, just delivered its biggest quarter ever, seeing revenue boom 32% to a roaring $8.2 billion in Q3, notching a profit of nearly $484 million. These results are in tune with the astronomical ticket sales that Live Nation has posted so far this year: a record 140 million, already eclipsing 2022's total.
Golden ticket
Typically the strongest quarter for concert sales, this summer has been a belter for live music, as tours from fan favorites like Harry Styles, Coldplay, and Pink grossed up to $300 million each.
However, Live Nation President Joe Berchtold was quick to discount individual star power as the root cause of the company's considerable growth: “No artist is going to account for more than 1% of the tickets, so no one or two will ever hurt us year over year.
Even so, the company has come under fire for long wait times and resale price inflation during the frenzied US ticket sale for Swift’s Eras Tour. But rising costs are unlikely to slow consumer appetite for gig-going: the average ticket price for the top 100 US tours was ~$120 in 2023, around a $58 jump from just 2 years before. And, moving into 2024, concert attendance is only expected to accelerate — Live Nation has already booked two-thirds of its commitments for next year, with half slated to take place in large venues.
