Despite all the bad press and major issues with its Ticketmaster division, Live Nation posted another record-breaking quarter in Q1 of 2023. The company unveiled a record $3.1 billion in revenue, an augmentation of 73% from the same period last year. Live Nation also had a record of 19.5 million fans attending its events as the global touring business returned to full strength.
Clearly, operating metrics show that global demand for live events continues to reach new heights. As a matter of fact, it has been growing for quite some time and is showing no signs of letting up. After talking to fans, Live Nation reported that live experiences are the number one leisure category where they expect to spend more in the future.
The company’s concerts division already has sold almost 90 million tickets for shows this year already, more than 20% ahead of last year, and posted an adjusted operating income of $320 million, a 53% increase. Here is what Live Nation’s CEO Michael Rapino had to say on the first quarter :
“With many major tours — from Beyoncé to Drake to Bruce Springsteen — demand was so strong that even when artists added a number of additional shows, they still were not able to meet all of the fan demand.”
Rapino thinks that there are years of industry growth ahead. Live Nation is indeed more positive than ever about artists touring, fans attending concerts to see their favorite artists, and the company’s role in all this. When asked how the upcoming legislation will impact the company’s businesses, particularly Ticketmaster, Rapino stayed true to form, saying the changes align with the company’s proposed FAIR Ticketing Act.
Check out the full breakdown of Live Nation’s first quarter of 2023 here.
Stay tuned for more news!