Live Nation Posts $3.1 Billion in Revenue, Record Attendance as Global Touring Returns

variety.com:

Jem Aswad Senior Music Editor Despite angry words from Taylor Swift, major issues with its Ticketmaster division, a Senate hearing and incoming legislation, Live Nation posted another record-breaking quarter in Q1 of 2023, with a record $3.1 billion in revenue — up 73% from the same period last year — and a record 19.5 million fans attending its events as the global touring business returns to full strength.

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 adjusted operating income of $320 million, a 53% increase. “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 said. “We think there’s years of industry growth ahead,” CEO Michael Rapino said, detailing in the official announcement, “This performance is indicative of our continued long-term growth and sets the stage for a record 2023, as we are more positive than ever about artists touring, fans attending concerts to see their favorite artists, and our role helping make this happen.” Highlights of the earnings are pasted below, but not surprisingly, the legislation affecting the company’s embattled Ticketmaster division, which faced a firestorm of criticism after a botched on-sale for the Taylor Swift tour last fall, was a major topic during the earnings call’s Q&A session.

True to form, Rapino managed to turn his response into a positive when asked how the legislation will impact the company’s businesses, saying that it’s in line with the company’s proposed FAIR Ticketing Act. “We’re watching what’s going