The world’s leading concert promoter is as healthy as ever, as today, Live Nation Entertainment reported surging earnings and massive growth throughout the 2023 fiscal year.
During today’s fourth quarter 2023 earnings conference call, company executives informed investors that Live Nation’s 2023 revenue totaled $22.7 billion–up 36 percent from last year–as global demand for live music events continues to soar in the aftermath of the COVID-19 pandemic.
With concerts and festivals returning to full strength last year, 2023 marked Live Nation’s “biggest year ever,” including all-time highs in attendance, ticket sales and sponsorship activity.
According to the company’s 2023 earnings report, over 145 million music fans attended Live Nation’s more than 50,000 events in 2023–an increase of 20 percent from 2022. Ticket sales also rose 36 percent compared to 2022, totaling nearly $36 billion. Sponsorship revenue climbed as high as $1 billion in 2023.
The company’s global reach has also expanded considerably. Live Nation revealed that in 2023, they booked 50 percent more international acts in their “top 50” tours compared to statistics from five years ago. Tours have also gotten longer, featuring 15 percent more shows on average.
Executives reported that Live Nation remains a large supporter of artists, investing over $13 billion in artist promotion at both small and large venues, as well as paying out $1,500 nightly bonuses and 100 percent of merchandise profits to over 3,000 developing artists via their newly extended On The Road Again program.
The company is on track for even greater growth in 2024, as Live Nation has already sold 57 million concert tickets this year–up six percent from this time last year. They’ve also already booked 65% of their shows for 2024.
Also outlined in the earnings call, Live Nation’s 2024 plans include shifting toward more outdoor events–amphitheater experiences and arena shows, as opposed to stadiums–continuing to push hard for global tours in new countries, and continuing to hire and acquire suitable local promoters to ensure grassroots shows remain a high-quality experience.
Read Live Nation Entertainment’s complete 2023 earnings report here.
Featured image from Unsplash.com.
