Getting the band back together
In a clear sign that appetite for in-person music and entertainment events is more than back to normal, Live Nation Entertainment has announced a 73% rise in revenue, taking the company’s sales to a record $3.1 billion in the first quarter and sending shares up 15% on Friday.
The news comes at a tumultuous time for Live Nation, with Taylor Swift, The Cure's Robert Smith and the Senate all taking the company’s Ticketmaster platform to task in recent months over botched ticket sales, additional fees, and competition concerns.
Unplugged
Fans have been seemingly undeterred — or unaware — of the various charges against the concert-promoting, ticket-selling giant. Indeed, an estimated 19.5 million gig-goers attended Live Nation events in Q1. That’s the company’s best start to a year on record, up some 30% on the same period from 2019 and nearly twice as much as 2022’s first quarter, with all of the concert promoter’s markets now open for the first time in 3 years.
With live music reportedly the number 1 leisure category global consumers currently expect to pay more for, Live Nation is gearing up for what it says could be the “biggest year of live music ever”. If those tickets are bought through Live Nation platforms, that could mean a record haul for the company which, as we discussed in November, makes most of its profit — but only a fraction of its sales — from ticketing revenues.
