Live Nation generates record revenues and attendances in last quarter

Live Nation Entertainment has advised of its most successful ever quarter-year results with revenue rising by 32% to US$8.2 billion.

The entertainment giant’s result for the April to June 2023 period (the third quarter in the US fiscal year, which runs from 1st October to 30th September) saw revenue rise from last year’s $6.2bn, with the last three quarters seeing revenue total US$17 billion compared to $12 billion in the previous year.

Live Nation Concerts also witnessed rise in revenue for the April to June 2023 compared to the same quarter in the previous year prior, with revenue up 32% to U$$7 billion while Live Nation Sponsorship posted revenues of US$367 million for the quarter, an increase of 7%.

Commenting on the results, Live Nation Entertainment President and Chief Executive, Michael Rapino advised in a statement “we (have) 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.

“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.”

The Live Nation statement explained that concert attendances were up 21% year-on-year, with international markets driving much of that - as in the previous quarter.

Overall, more than 140 million tickets have been sold for Live Nation events year-to-date, a record. That figure surpasses even the full year total of 121 million from 2022.

Live Nation’s year will have been boosted by Beyoncé’s Renaissance World Tour this year, which grossed over US$500 million, as well as Taylor Swift’s Eras Tour, which expected to become the first billion-dollar tour.

Images:  Beyoncé’s Renaissance World Tour has grossed over US$500 million. Credit: Shutterstock.