Reside Nation Leisure President and CEO Michael Rapino advised the corporate’s traders on Thursday (February 22) that “the reside music trade reached new heights in 2023″.
Rapino’s feedback arrived alongside the live performance large’s This fall and FY 2023 earnings, which, revealed on Thursday, noticed the corporate report outcomes for its “largest yr ever”.
The promoter posted full-year revenues of $22.7 billion, up 36% YoY. These revenues had been generated throughout all divisions, together with concert events, ticketing and promoting & sponsorship.
Digging deeper into Reside Nation’s outcomes reveals that the corporate’s ‘Live shows’ enterprise generated revenues of $18.7 billion throughout the complete yr ended December 31, which was up 39% YoY at fixed forex (see above).
Reside Nation experiences that attendance to its concert events rose 20% in 2023, with over 145 million followers attending over 50,000 LN occasions final yr.
That general fan development of 20% was led by Worldwide markets, up 25%, and North America, which was up 17%.
Reside Nation says that its stadium exhibits led attendance development with over 29 million followers globally attending stadium exhibits, up 60% YoY.
The corporate additionally notes that it provided a “broad number of value factors” in 2023 with two-thirds of its US live performance tickets priced below $100 and one-third below $50.
In keeping with Reside Nation, the common secondary ticket value in 2023 was roughly twice that of main ticket costs, “exhibiting that tickets stay priced under market worth”.
Elsewhere, Reside Nation’s ticketing enterprise, Ticketmaster, generated revenues of $2.9 billion, which mirrored development of 32% YoY at fixed forex.
Reside Nation experiences that the whole variety of tickets dealt with by Ticketmaster in 2023 was up 13% to over 620 million tickets, together with fee-bearing tickets up 17% to 329 million.
Within the fourth quarter of 2023 (the three months to finish of December), Reside Nation generated whole revenues of $5.8 billion, up 37% YoY at fixed forex.
The corporate’s concert events enterprise generated $4.9 billion in This fall, which represented development of 45% YoY at fixed forex (see above).
Reside Nation experiences that it ended This fall 2023 with $6.2 billion in money and money equivalents, together with $1.5 billion in ticketing consumer money and $2.2 billion in free money.
“The reside music trade reached new heights in 2023, and demand for reside music continues to construct.”
Michael Rapino, Reside Nation Leisure
“The reside music trade reached new heights in 2023, and demand for reside music continues to construct,” stated Michael Rapino, President and CEO, Reside Nation Leisure.
“Our digital world empowers artists to develop world followings, whereas inspiring followers to crave in-person experiences greater than ever. On the similar time, the trade is delivering a greater diversity of concert events which pulls in new audiences, and creating extra venues to help a bigger present pipeline.
“Towards this backdrop, we count on all our companies to proceed rising and including worth to artists and followers as we ship double-digit working revenue and AOI development once more this yr, with our profitability compounding by double-digits over the following a number of years.”
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