MBW’s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by Cinq Music Group, a technology-driven record label, distribution, and rights management company.
Live Nation Entertainment President and CEO Michael Rapino told investors on Thursday (November 2) that there is “unprecedented global desire for concerts”.
Speaking on the concert giant’s Q3 earnings call, Rapino explained that the promoter is seeing this “unprecedented” demand for live music “happening at all levels with both casual and diehard fans and from small clubs to massive stadium events”.
That demand for live entertainment is plain to see on Live Nation’s third-quarter balance sheet, with the concert giant posting Q3 revenues of $8.2 billion across all of its divisions, including concerts, ticketing and advertising & sponsorship.
That Q3 revenue figure, which was up 32% YoY, marked the company’s biggest-ever quarterly revenue haul and sets Live Nation up for what it forecasts to be a record year.
Amongst the highlights pointed to within Live Nation’s latest results (for Q3 and the first nine months of the year) were that a record number of fans have attended its own shows this year.
Live Nation reports that it has sold 140 million tickets to its shows year-to-date, up 17% YoY – with that number already surpassing its FY 2022 total of 121 million.
Breaking down the company’s financial results for Q3 reveals that Live Nation’s concerts business generated $7 billion during the quarter, up 32% YoY.
Live Nation reports that this result was driven by “record attendance, fueled by strength across all markets, venues, and price points”.
Meanwhile, Live Nation’s ticketing business, Ticketmaster, generated $832 million in Q3, up57% YoY.
Live Nation reports that Ticketmaster (which also sells tickets for shows promoted by companies other than Live Nation) has sold 257 million “fee-bearing tickets” year-to-date, up 22% YoY.
The ticketing company is also reported to be on track to manage over 600 million tickets this year, including “well over” 300 million fee-bearing tickets.
Sponsorship & Advertising revenues at Live Nation reached $367 million, up 7% YoY (see above).
Looking to 2024, Live Nation reports that it has “strong concert calendar” with event-related deferred revenue up 39% to$2.6 billion (vs Q 3 2022), reflecting continued momentum into 2024″.
The company also adds that “roughly half of [the] expected show count” is already booked for large venues in 2024.
Credit: Live Nation/press
“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.”
Michael Rapino, Live Nation Entertainment
Commenting on the company’s latest results, Michael Rapino, President and CEO, Live Nation Entertainment, said: “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.
Added Rapino: “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.”
