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. Stats for the week powered by Music group Cinqa technology-based record label, distribution and rights management company.
giant concert live country reported record results across all of its divisions for Q1 2023.
For the first time in three years, all the markets where the company operates are fully open, and according to Michael Rapino, President and CEO of Live Nation, “from ticket sales, attendance, attendance and on-site spending – all signs point to incredible demand for live events.”
Rapino told investors in a statement on Thursday (May 4) that “the common theme we’re seeing around the world is that the in-person experience is a priority for fans. “
Financially, across all divisions, including Concerts, Ticketing, Sponsorships & Advertising, Live Nation has generated revenue of 3.1 billion USD in Q1, increase seventy three%.
Analysis of the company’s financial results shows that its concert business has generated 2.28 billion USD in Q1, increase 89% By year.
Meanwhile, Live Nation’s ticketing business has generated $677.7 million, up 41% year on year.
Sponsorship and advertising revenue at Live Nation achieved 170.1 million USD, up 47% year over year (see below).
In terms of attendance, the company reported that more than 19 million won fans have attended its performances all over 45 countries in Q1, 7.5 million won among them attended performances in North America.
The company also broke down attendance in Q1 by venue type and venue, reporting that in terms of Stadiums, attendance more than quadrupled compared to 3.3 million won in Q1 2023, up from 800,000 in Q1 2022. This growth was mainly driven by the company’s Asia Pacific and Latin America markets.
At the Arena level, Live Nation reports that 6.7 million fans attended their shows in Q1 2023, an increase of 3 million or nearly 80% from Q1 2022, the majority due to growth in tours in Europe and Australia.
At the Theater and Club level, Live Nation’s fan base grew 45% year-over-year in Q1 2023.
Live Nation also reported that it sold out 145 million won tickets in Q1 “with record activity across all markets”.
One of the most impressive stats of all report of Live Nation for Q1, however, that “at the time of peak sales in the first quarter of 2023,” its ticketing division Ticketmaster “sold 15,000 won tickets per minute in North America”.
Live Nation says that Ticketmaster is forecast to deliver “record activity” by 2023, with around 600 million tickets to be managed globally by the division this year.
Rapino pointed out in his note to investors on Thursday that “in concerts [Live Nation]sold nearly 90 million tickets for the show this last year, up more than 20% from this time last year.”
Rapino added: “These early sales were driven by record numbers of stadium performances and continued strong growth in arena tours. “With many great tours – from Beyoncé to Drake to Bruce Springsteen – the demand is so great that even if the artists add some more performances, they still cannot meet all the demand of the fans.”
According to Live Nation, “over 99.9% of all Ticketmaster transactions[s] was handled without any incident in the first quarter of 2023.”
The company’s average fare on the main ticket increased 16% in Q1 2023 compared to Q1 2022, according to Live Nation, driven by “fan demand for the best seats, especially at concerts”.
The company also reported that [the] The average secondary ticket price “still nearly doubles the primary ticket price, continuing to show the extent to which concerts and other live events are still priced below market value.”
Credit: Live Nation / press
“Our results in the first quarter demonstrate the success of our strategy and set the stage for us to grow strongly into 2023.”
Michael Rapino
Commenting on the company’s latest results in a statement to investors on Thursday, Rapino said: “What is clear when we look at our results and performance metrics is global demand. Demand for live events continues to reach new heights – demand has been growing for a long time and shows no signs of giving up. Talking to fans, they said that the in-person experience is the number one entertainment category they look forward to spending more of in the future. Naturally, this resulted in record levels of activity in both our concerts and ticketing business.
Rapino added: “Our results in the first quarter demonstrate the success of our strategy and enable us to thrive in 2023. We expect to have a fan base. record fans this year, even compared with 2022 thanks to rescheduled concerts attended by 20 million fans. Ticketmaster will also deliver record activity, with around 600 million tickets being managed globally this year. Our sponsorship business, even after amazing growth last year, looks set to continue with double-digit AOI growth this year.
“As we look to 2024 and beyond, we have all the leverage we need to build our flywheel globally and continue to compound AOI at double digits for the foreseeable future.”
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