Entertainment giant Live Nation revealed its earnings report for the third quarter of 2023, showcasing a huge boost in revenue.
During the third quarter, the company’s revenue was up 32% to $8.2 billion and up 36% to $16.9 billion year-to-date. A majority of its earnings came from its concert business — bringing in $6.97 billion in live events and merchandise sales — while the remaining revenue is from ticketing — earning $833 million.
This year, more fans are attending concerts than ever before; 140 million tickets were sold year-to-date for Live Nation shows this year, up 17% from 2022. Ticketmaster sales also increased from the previous year by 22%, selling 257 million tickets, and is on track to manage 600 million tickets throughout the entirety of 2023. Fan growth increased both internationally and across North America, bringing-in 17% and 13% more fans, respectively.
Live Nation has dominated the industry by promoting tours for global superstars like Taylor Swift and Beyonce. Both artists’ tours generated billions of dollars, as well as acts like Harry Styles, Bruce Springsteen and the E Street Band, the Jonas Brothers, and blink-182.
It doesn’t seem to be slowing down from here, either. Live Nation expects that by the end of the year, 55 million fans would have visited Live Nation-operated venues in 2023. Next year, the company is already promoting big-name acts like Metallica, Foo Fighters, Coldplay, Pink, and Ed Sheeran. Swift is also set to appear for another round of shows in the U.S. and Canada.
While Ticketmaster and Live Nation had a record-breaking year, their earnings were also plagued by fan complaints during major on sale events. During ticket sales for big-name acts like Olivia Rodrigo, Noah Kahan, and Morgan Wallen, thousands of fans were left empty-handed or “waitlisted.” Others were priced-out amid Ticketmaster’s Dynamic Pricing platform, which increases prices based on demand.
Following a fiasco with Swift’s onsale, the Department of Justice launched an investigation into the pair’s 2010 merger and is looking into its alleged monopoly.
